Washington, DC – U.S. Senator Robert Menendez (D-NJ), Chairman of the Senate Foreign Relations Committee, issued this statement regarding the United States – Spain Tax Treaty.
“Over the past five years, I worked to strengthen the relationship between the United States and Spain in my former capacity as the Honorary Chairman of the United States – Spain Council. One of the key objectives of both countries during that time was the reduction of double taxation which hindered commercial activities. With such a reduction, as well as the elimination of certain key disincentives, both countries will be well positioned to expand trade and create jobs.”
“Now that the United States – Spain tax protocol has been submitted to the Senate for ratification, I will work with my colleagues to review and consider this treaty expeditiously. Already this year, the Senate Foreign Relations Committee has approved unanimously five tax treaties with Switzerland, Luxembourg, Hungary, Chile, and the Organization for Economic Cooperation and Development. Consideration of the United States – Spain tax treaty requires that same spirit of bipartisanship and cooperation. These treaties are widely supported by the United States business community, are a crucial component of strengthening our trade and tax relationships, and are worthy of ratification by the Senate.
“The United States and Spain are the closest of allies and enjoy a robust commercial and trade relationship. We are partners in the international fight against terrorism, and our militaries have fought side-by-side and sacrificed greatly in Iraq and Afghanistan. Ratifying the proposed United States – Spain tax protocol will only enhance and strengthen the unique relationship between our two nations.”
The treaty, referred to as the Protocol Amending the Convention between the United States of America and the Kingdom of Spain for the Avoidance of Double Taxation and the Prevention of Fiscal Evasion with Respect to Taxes on Income, is intended to bring United States – Spain tax treaty relations into closer conformity with U.S. tax treaty policy.