[Congressional Record Volume 154, Number 74 (Tuesday, May 6, 2008)]
[Senate]
[Page S3838]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]




      REMOVAL OF INJUNCTION OF SECRECY--TREATY DOCUMENT NO. 110-17

  Mr. REID. Mr. President, as in executive session, I ask unanimous 
consent that the injunction of secrecy be removed from the following 
treaty transmitted to the Senate on May 6 of this year by the President 
of the United States:
  Tax Convention with Iceland (Treaty Document No. 110-17).
  I further ask that the treaty be considered as having been read the 
first time; that it be referred, with the accompanying papers, to the 
Committee on Foreign Relations and ordered to be printed; and that the 
President's message be printed in the Record.
  The PRESIDING OFFICER. Without objection, it is so ordered.
  The message of the President is as follows:

To the Senate of the United States:
  I transmit herewith, for Senate advice and consent to ratification, 
the Convention Between the Government of the United States of America 
and the Government of Iceland for the Avoidance of Double Taxation and 
the Prevention of Fiscal Evasion with Respect to Taxes on Income, and 
accompanying Protocol, signed on October 23, 2007, at Washington, D.C. 
(the ``proposed Treaty''). The proposed Treaty would replace the 
existing income tax Convention with Iceland that was concluded in 1975 
(the ``existing Treaty''). Also transmitted for the information of the 
Senate is the report of the Department of State with respect to the 
proposed Treaty.
  The proposed Treaty contains a comprehensive provision designed to 
prevent so-called treaty shopping. The existing Treaty contains no such 
protections, resulting in substantial abuse of the existing Treaty's 
provisions by third-country investors. The proposed Treaty also 
reflects changes to U.S. and Icelandic law and tax treaty policy since 
1975.
  I recommend that the Senate give early and favorable consideration to 
the proposed Treaty and give its advice and consent to ratification.
                                                      George W. Bush.  
The White House, May 6, 2008.

                          ____________________