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Ex. Rept. 114-8 1 (2016-02-08)

handle is hein.congrecreports/crptxqxq0001 and id is 1 raw text is: AUTHENTICATEO U.S. GOVERNMENT INFORMATION Gp 114TH CONGRESS SEAEExEc. REPT. 2d Session SENATE 114-8 PROTOCOL AMENDNG MULTILATERAL CONVENTION ON MUTUAL ADMINISTRATIVE ASSISTANCE IN TAX MATTERS FEBRUARY 8, 2016.-Ordered to be printed Mr. CORKER, from the Committee on Foreign Relations, submitted the following REPORT [To accompany Treaty Doc. 112-5] The Committee on Foreign Relations, to which was referred the Protocol Amending the Convention on Mutual Administrative As- sistance in Tax Matters, done at Paris on May 27, 2010 (the Pro- tocol) (Treaty Doc. 112-5), having considered the same, reports fa- vorably thereon with one declaration, as indicated in the resolution of advice and consent, and recommends that the Senate give its ad- vice and consent to ratification thereof, as set forth in this report and the accompanying resolution of advice and consent. CONTENTS Page I. P u rpose ........................................................................................................... 1 II. B ackground .................................................................................................... 2 III. M ajor Provisions ............................................................................................ 2 IV . E ntry Into Force ........................................................................................... 3 V. Im plem enting Legislation ............................................................................. 3 VI. Com m ittee Action .......................................................................................... 3 VII. Com m ittee Com m ents ................................................................................... 3 VIII. Text of Resolution of Advice and Consent to Ratification .......................... 4 IX. Annex 1.- Technical Explanation ............................................................... 5 I. PURPOSE The purpose of the Protocol is to bring the Convention on Mutual Administrative Assistance on Tax Matters into conformity with current international standards regarding the exchange of informa- tion. The internationally agreed standard, which was developed by the Organization for Economic Cooperation Development (OECD) and non-OECD countries working together in the OECD's Global Forum on Transparency and Exchange of Information, is generally consistent with the current U.S. Model Income Tax Convention and the 2008 OECD Model Tax Convention. 59-119

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