Resolution of advice and consent, Treaty Doc. 100-15

TEXT OF RESOLUTION OF ADVICE AND CONSENT TO RATIFICATION AS REPORTED BY THE COMMITTEE ON FOREIGN RELATIONS AND APPROVED BY THE SENATE: Resolved (two-thirds of the Senators present concurring therein), That the Senate advise and consent to the ratification of the Supplementary Protocol, together with a related exchange of notes, signed at Washington on December 31, 1987, Modifying and Supplementing the Convention between the United States of America and the Kingdom of Belgium for the Avoidance of Double Taxation and the Prevention of Fiscal Evasion with Respect to Taxes on Income , signed at Brussels on July 9, 1970 (Treaty Doc. 100-15), subject to the understandings that: (1) The Treasury Department will effect the negotiation of a new Convention in an expeditious manner with the objective of modifying the tax rates on dividends specified in paragraph 2 of Article 10 (Dividends) to deny inappropriate relief from taxation at source on dividends paid by Regulated Investment Companies, Real Estate Investment Trusts, and any other U. S. corporations that essentially receive conduit treatment for U. S. income tax purposes; and (2) The Treasury Department will effect the negotiation of a new Convention in an expeditious manner with the objective of coordinating the internal tax laws of Belgium with U. S. internal tax law and policy as revised by the Tax Reform Act of 1986.