The Protocol now awaits only full Senate consideration and
the President's signature before entering into force.
If the past practice for tax treaties before the U.S. Senate is
followed, the Protocol (having been reported without amendment)
will be reported and printed by the Chairman of the Committee
and presented to the full Senate shortly, at which time (likely
within the same day) it will be moved through its Parliamentary
stages very quickly and passed by the full Senate.
The past practice is for the Senate to pass a tax treaty
within a few days or weeks after being reported out of
Committee (defined?). However, the Senate is currently in
adjournment and will resume its regular sittings in September
for a period of approximately one month. We anticipate that the
Fifth Protocol will be passed by the full Senate during that
time. At that point, the only further step is signature by the
President; again, the usual procedure is for this to take only
a few weeks.
We remain cautiously (but increasingly) optimistic that the
Protocol will enter into force in 2008. Many of the effective
dates and deadlines within the Protocol depend on the calendar
year of ratification. Therefore, we will continue to watch its
passage with interest.
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