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“REMOVAL OF INJUNCTION OF SECRECY--TREATY DOCUMENT NO. 110-17” mentioning the U.S. Dept of State was published in the Senate section on pages S3838 on May 6, 2008.
The publication is reproduced in full below:
REMOVAL OF INJUNCTION OF SECRECY--TREATY DOCUMENT NO. 110-17
Mr. REID. Mr. President, as in executive session, I ask unanimous consent that the injunction of secrecy be removed from the following treaty transmitted to the Senate on May 6 of this year by the President of the United States:
Tax Convention with Iceland (Treaty Document No. 110-17).
I further ask that the treaty be considered as having been read the first time; that it be referred, with the accompanying papers, to the Committee on Foreign Relations and ordered to be printed; and that the President's message be printed in the Record.
The PRESIDING OFFICER. Without objection, it is so ordered.
The message of the President is as follows:
To the Senate of the United States:
I transmit herewith, for Senate advice and consent to ratification, the Convention Between the Government of the United States of America and the Government of Iceland for the Avoidance of Double Taxation and the Prevention of Fiscal Evasion with Respect to Taxes on Income, and accompanying Protocol, signed on October 23, 2007, at Washington, D.C.
(the ``proposed Treaty''). The proposed Treaty would replace the existing income tax Convention with Iceland that was concluded in 1975
(the ``existing Treaty''). Also transmitted for the information of the Senate is the report of the Department of State with respect to the proposed Treaty.
The proposed Treaty contains a comprehensive provision designed to prevent so-called treaty shopping. The existing Treaty contains no such protections, resulting in substantial abuse of the existing Treaty's provisions by third-country investors. The proposed Treaty also reflects changes to U.S. and Icelandic law and tax treaty policy since 1975.
I recommend that the Senate give early and favorable consideration to the proposed Treaty and give its advice and consent to ratification.
George W. Bush. The White House, May 6, 2008.
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