Senate Foreign Relations Committee Advances Chile Tax Treaty

The Senate Foreign Relations Committee approved the U.S.-Chile Tax Treaty Tuesday, Chairman Bob Menendez (D-N.J.) announced in a tweet. The treaty was approved by voice vote, according to a committee spokesperson.

In his tweet, Menendez urged swift approval on the floor, calling the treaty “essential to protecting all parties’ financial interests.”

• If the treaty is approved, it would be the second U.S. double tax treaty with a South American partner, he said.
• Bilateral income tax treaties help companies avoid being taxed twice on the same income, create a framework to resolve tax disputes between companies and governments, and offer ...