The US Senate is set to approve a major update to the tax treaty with the Netherlands this week, after objections were dropped to certain provisions within the text.
According to a report by Dow Jones Newswires, Senator Joseph Biden (D – Del), a dissenting voice during the passage of the treaty though the upper chamber, is now prepared to accept its provisions.
Biden had been concerned that the treaty could allow Dutch nationals to return to Holland and escape their US tax obligations.
However, Biden’s spokesman, Chip Unruh revealed that the lawmaker has now “given the green light on this”.
The US/Dutch treaty, signed in March 2004, updates an earlier agreement concluded in 1992, and seeks to further reduce the effect of double taxation on certain sources of income in both countries.
According to Senate Foreign Relations Chairman Richard Lugar (R-Ind), it is estimated that the Netherlands is the third-largest foreign investor into the US economy.
Assuming all other objections have been dropped, a spokesperson for Senate Majority Leader Bill Frist (R – Tenn) stated that Senate Republicans are looking to pass the treaty this week.
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