GHENT, Ky.--(BUSINESS WIRE)--Today, the United States Senate passed a tax protocol with Spain that had been languishing for over five years, causing unfair double taxation for American companies with foreign investors. This has cost companies like North American Stainless tens of millions of dollars over the years; alleviation of the double taxation could now allow for greater investment in plants and workers.
NAS Chief Executive Officer Cristobal Fuentes released the following statement heralding news of the Spanish protocol’s passage:
“This is a great day for North American Stainless and so many U.S. companies with foreign investors that had been subject to unfair double taxation for many years. We are located in Kentucky, and if it had not been for Senate Majority Leader Mitch McConnell and his tireless efforts I firmly believe this day would never have come. Senator McConnell stood up for his constituents and helped many working people at our Ghent, Kentucky plant by moving this protocol through the Senate. He listened to us and put Kentucky first. Workers in all 50 states stand to benefit from Senator McConnell’s efforts, and companies nationally have him to thank for improving the American business climate.
“In addition to Senator McConnell, we are grateful to Senate Foreign Relations Committee Chairman Jim Risch and the bipartisan group of Senators on his committee that moved this protocol forward. We are also thankful that President Donald Trump and U.S. Treasury Secretary Steve Mnuchin and their staff members understood the vital importance of this protocol and strongly engaged to work with the Senate to achieve this victory. It is now vital that President Trump’s Administration move quickly to finalize and implement this protocol with the Spanish Government so that affected companies can have fiscal certainty before year’s end as it relates to tax payments. We are confident that President Trump will move quickly because this protocol falls squarely within his America First agenda.
“At a time when Chinese stainless steel producers are engaged in unfair trade practices and market uncertainty exists, this treaty victory gives a leg up to the American workers who produce quality stainless slabs in Ghent, Kentucky. Senator McConnell, President Trump, Secretary Mnuchin and everyone who supported the protocol stood up for workers all over America today, including the ones right here in Kentucky. This treaty will preserve and unlock large investments in our facility, and we look forward to talking more about that in the near future.”