[Congressional Record Volume 154, Number 91 (Wednesday, June 4, 2008)]
[Senate]
[Page S5120]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]




      REMOVAL OF INJUNCTION OF SECRECY--TREATY DOCUMENT NO. 110-18

  Mr. DURBIN. 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 June 4, 2008, by the President of 
the United States: Tax Convention with Bulgaria with Proposed Protocol 
of Amendment, Treaty Document No. 110-18. I further ask that the treaty 
be considered as having been read the first time; that it be referred, 
with 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 the Republic of Bulgaria for the Avoidance of 
Double Taxation and the Prevention of Fiscal Evasion With Respect to 
Taxes on Income, with accompanying Protocol, signed at Washington on 
February 23, 2007 (the ``Proposed Treaty''), as well as the Protocol 
Amending the Convention Between the Government of the United States of 
America and the Government of the Republic of Bulgaria for the 
Avoidance of Double Taxation and the Prevention of Fiscal Evasion With 
Respect to Taxes on Income, signed at Sofia on February 26, 2008 (the 
``Proposed Protocol of Amendment''). The Proposed Treaty and Proposed 
Protocol of Amendment are consistent with U.S. tax treaty policy. Also 
transmitted for the information of the Senate is the report of the 
Department of State with respect to the Proposed Treaty and Proposed 
Protocol of Amendment.
  The Proposed Treaty generally reduces the withholding tax on cross-
border dividend, interest, and royalty payments. Importantly, the 
Proposed Treaty generally eliminates withholding tax on cross-border 
dividend payments to pension funds and cross-border interest payments 
made to financial institutions. The Proposed Treaty also contains 
provisions, consistent with current U.S. tax treaty policy, that are 
designed to prevent so-called treaty shopping. The Proposed Protocol of 
Amendment further strengthens these treaty shopping provisions.
  I recommend that the Senate give early and favorable consideration to 
the Proposed Treaty and give its advice and consent to ratification to 
both the Proposed Treaty and the Proposed Protocol of Amendment.
                                                      George W. Bush.  
The White House June 4, 2008.

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