Page 20 - SCBJ-201512
P. 20
South China Business Journal
HIGHLIGHTS Chamber Urges
Senate to Ratify
Chamber Tax Treaties
Testifies on
Impact of Trade On November 17, the Chamber sent a letter to the Senate
Agreements at urging ratification of tax treaties recently approved by the
USITC Senate Committee on Foreign Relations by voice vote. These
include conventions for the avoidance of double taxation with
On November 17, U.S. Chamber Senior respect to taxes on income with Hungary, Poland, and Chile;
Vice President for International Policy protocols amending existing conventions with Switzerland,
John Murphy testified before the United States Luxembourg, Spain, and Japan; and a protocol amending the
International Trade Commission’s hearing on Convention on Mutual Administrative Assistance in Tax Matters.
the “Economic Impact of Trade Agreements The letter reads in part: “Because the U.S. tax system is so
Implemented Under Trade Authorities Procedure, complex, it is not uncommon to see instances of double taxation
2016 Report.” In his statement, he said in part: “The of income earned by U.S. companies doing business abroad. For
Chamber regards the FTAs the United States has more than eight decades, tax treaties have helped provide clarity
entered into with 20 countries over the past 30 years with regard to situations where two countries have the right to
as highly successful.... The increased trade brought levy income tax... Tax treaties make the United States a more
about by these FTAs boosted U.S. output by more attractive destination for foreign investment, and they promote
than $300 billion - enough to support 5.4 million economic growth while fostering fairness in international tax
U.S. jobs.” treatment.”
18 IMF Governance
Reform Increases
China’s Share
As part of the budget deal passed today, Congress
approved long-awaited reforms to the governing structure
of the International Monetary Fund (IMF). These reforms had
previously been agreed to by IMF members in 2010, but needed
Congressional approval to move forward. The package of reforms
now move to the desk of the President, who is expected to sign
them before the end of the year.
Per press reporting, highlights of these reforms include:
• Voting shares will be redistributed such that emerging
markets Brazil, China, India, and Russia are among the top 10
shareholders, with China climbing to #3;
• All 188 members’ quotas will increase, to more than $650 billion.
HIGHLIGHTS Chamber Urges
Senate to Ratify
Chamber Tax Treaties
Testifies on
Impact of Trade On November 17, the Chamber sent a letter to the Senate
Agreements at urging ratification of tax treaties recently approved by the
USITC Senate Committee on Foreign Relations by voice vote. These
include conventions for the avoidance of double taxation with
On November 17, U.S. Chamber Senior respect to taxes on income with Hungary, Poland, and Chile;
Vice President for International Policy protocols amending existing conventions with Switzerland,
John Murphy testified before the United States Luxembourg, Spain, and Japan; and a protocol amending the
International Trade Commission’s hearing on Convention on Mutual Administrative Assistance in Tax Matters.
the “Economic Impact of Trade Agreements The letter reads in part: “Because the U.S. tax system is so
Implemented Under Trade Authorities Procedure, complex, it is not uncommon to see instances of double taxation
2016 Report.” In his statement, he said in part: “The of income earned by U.S. companies doing business abroad. For
Chamber regards the FTAs the United States has more than eight decades, tax treaties have helped provide clarity
entered into with 20 countries over the past 30 years with regard to situations where two countries have the right to
as highly successful.... The increased trade brought levy income tax... Tax treaties make the United States a more
about by these FTAs boosted U.S. output by more attractive destination for foreign investment, and they promote
than $300 billion - enough to support 5.4 million economic growth while fostering fairness in international tax
U.S. jobs.” treatment.”
18 IMF Governance
Reform Increases
China’s Share
As part of the budget deal passed today, Congress
approved long-awaited reforms to the governing structure
of the International Monetary Fund (IMF). These reforms had
previously been agreed to by IMF members in 2010, but needed
Congressional approval to move forward. The package of reforms
now move to the desk of the President, who is expected to sign
them before the end of the year.
Per press reporting, highlights of these reforms include:
• Voting shares will be redistributed such that emerging
markets Brazil, China, India, and Russia are among the top 10
shareholders, with China climbing to #3;
• All 188 members’ quotas will increase, to more than $650 billion.
