The US Senate Foreign Relations Committee is poised to vote on an amended tax treaty between the United States and the United Kingdom, initially signed by former Treasury Secretary, Paul O'Neill and UK Chancellor, Gordon Brown in 2001.
A March 5 hearing has been scheduled to discuss the new income tax accord, which would be the first US treaty to eliminate withholding tax on dividends received by multinational companies based in one country with subsidiaries in the other. New treaties with Mexico and Australia will also be discussed, and the Senate committee will then vote on all three conventions at its next meeting.
According to a Dow Jones Newswires report, US-based multinationals are watching process closely, as if this new treaty is ratified by the Senate as expected, it will likely provide a template for future agreements.
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