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Presidential Transmittal Message — To the Senate on the Protocol Amending the Convention between the US and Spain for the Avoidance of Double…
TO THE SENATE OF THE UNITED STATES:
I transmit herewith, for the advice and consent of the Senate to its ratification, 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 and its Protocol, signed at Madrid on February 22, 1990, and a related Memorandum of Understanding signed on January 14, 2013, at Madrid, together with correcting notes dated July 23, 2013, and January 31, 2014 (together the “proposed protocol”). I also transmit for the information of the Senate the report of the Department of State, which includes an overview of the proposed protocol.
The proposed protocol was negotiated to bring United States-Spain tax treaty relations into closer conformity with U.S. tax treaty policy. The proposed protocol exempts from source-country withholding cross-border payments of certain direct dividends, interest, royalties, and capital gains, and updates the provisions of the existing convention with respect to preventing abuse by third-country investors and the exchanges of information between revenue authorities. The proposed protocol also updates the mutual agreement procedure by requiring binding arbitration of certain cases that the competent authorities of the United States and Spain have been unable to resolve after a reasonable period of time.
I recommend the Senate give early and favorable consideration to the proposed protocol and give its advice and consent to its ratification.
BARACK OBAMA
Source: http://www.whitehouse.gov/the-press-office/2014/05/07/presidential-transmittal-message-senate-protocol-amending-convention-bet
