17 July 2019 Switzerland, Japan, Luxembourg protocols ratified by Senate On July 17, the Senate ratified protocols amending tax treaties with Switzerland, Japan and Luxembourg. The votes on the Switzerland and Japan protocols were 95-2. The Luxembourg protocol was ratified 93-3. The Spain protocol was ratified on July 16 after the Senate defeated amendments by Senator Rand Paul (R-KY) to create a higher standard for information sharing and to accelerate the effective date. Attention now turns to new income tax treaties with Chile, Hungary, and Poland, which may require reservations to account for enactment of the base erosion anti-abuse tax (BEAT) in 2017 in the Tax Cuts and Jobs Act (TCJA). Consideration of those treaties by the Senate Foreign Relations Committee has not yet been scheduled.
Document ID: 2019-1276 | |||||
