Wednesday, August 13, 2008

Senate Committee Considers Tax Treaty with Canada and Other Countries

The Senate Foreign Relations Committee is presently reviewing proposed revisions in tax treaties and protocols between the U.S. and three countries: Bulgaria, Canada and Iceland. Special issues of interest include taxation of interest and services with the goal of reducing double taxation while also reducing tax evasion. In the Canada treaty, an additional issue is the use of mandatory arbritration to address disputed provisions.

Tax treaties can be as influential as the Internal Revenue Code in some international business scenarios and the thorough resolution of any issues on the Canadian treaty is particularly important, since Canada is the largest trading partner of the U. S. Hopefully, the Senate will handle these tax treaties with due care.


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