Message to the Senate Transmitting a Protocol to the United States- France Convention on Taxation

To the Senate of the United States:

I transmit herewith for Senate advice and consent to ratification a Protocol to the Convention between the United States of America and the French Republic with respect to taxes on income and property of July 28, 1967, as amended by the Protocols of October 12, 1970, and November 24, 1978. The present Protocol was signed at Paris on January 17, 1984. I also transmit the report of the Department of State on the Protocol.

The principal reason for further amending the Convention is the recently enacted French wealth tax which could adversely affect Americans living in France. The Protocol exempts from this tax foreign assets owned by United States citizens temporarily resident in France. The Protocol also provides an exemption from tax at source on interest, and it includes rules for limiting the benefits of the Convention to residents of the United States or France.

I recommend that the Senate give early and favorable consideration to the Protocol and give advice and consent to its ratification.

RONALD REAGAN

The White House,

April 18, 1984.