Resolution of advice and consent, Treaty Doc. 103-7

TEXT OF RESOLUTION OF ADVICE AND CONSENT TO RATIFICATION AS APPROVED BY THE SENATE: Resolved, (two-thirds of the Senators present concurring therein), That the Senate advise and consent to the ratification of the Convention Between the Government of the United States of America and the Government of the United Mexican States for the Avoidance of Double Taxation and the Prevention of Fiscal Evasion with Respect to Taxes on Income, together with a related Protocol, signed at Washington on September 18, 1992 (Treaty Doc. 103-7), subject of the following understandings: (a) That the phrase "both Contracting States shall apply that lower rate" in paragraph 8(b) of the proposed protocol is understood to mean that both Contracting States agree to promptly amend the Convention to incorporate that lower rate; and (b) That, while Mexico imposes on excise tax on insurance premiums paid to foreign insurers and has no immediate plans to do so, should Mexico enact such a tax in the future, Mexico will waive such tax on insurance premiums paid to insurers resident in the United States.