Page:United States Statutes at Large Volume 47 Part 2.djvu/1016

2606 DOUBLE INCOME TAX-SHIPPING PROFITS-FRANCE. [Enclosure-Translation] The President of the French Republic, On the report of the President of the Council, Minister of Finance, Considering Article 5 of the finance law of April 29, 1926, Decrees: Art.. I. -Citizens of the United States of America not domiciled on the territory of the French Republic, as well as juridical persons organized in the United States of America, who exploit \\oithin the limits of the territory of the French Republic, navigation enterprises, \\ith ships navigating under the American flag, are exonerated from any tax on the profits accruing exclusively from navigation. This exoneration, which, by way of reciprocity, shall take effect from January 1, 1921, concerns, notably, the tax on industrial and commercial profits instituted by heading 1 of the law of July 31, 1917, and the tax on income prescribed by the law of June 29, 1872, and the decree of December 6, 1872, as payable by foreign companies, whose shares are not quoted, but who possess movable or immovable property sit,uated in France. Art. 2 . - The present decree will be submitted to the ratification of the Chambers, in conformity with the provisions of Article 5 of the law of April 29, 1926. Art.3. -The President of the Council, Minister of Finance, is charged with the execution of the present decree, which will be pub- lished in the Journal Officiel and inserted in the Bulletin des Loi8. Done at Paris, May 20, 1927. GASTON DOUMERGUE By the President of the Republic: The Presidem of the Oouncil, Minister of Finance, RAYMOND POINCARE ~certified a~ conforming to the text published in the Journal . of the French RepUblic of Monday the 23d and Tuesd ay t e 24th of May, 1927. The Charge d'Affaires of France: [SEAL] SARTIGES. SIR: The Secretary oj State (Kellogg) to the Charge d'Affaires ad imerim of France (Sartiges) DEPARTMENT OF STATE, WASHINGTON, July 8, 19$7. Agreement byUnited With further reference to your Embassy's note of June 11, 1927, States. relative to the proposed reciprocal exemption from taxation by the Governments of the United States and France of the income of French and American nationals derived from shipping, I have the honor to inform you that I am now in receipt of a communication from the Treasury Department dated July 7, 1927, concerning the matter, from which I quote the following: "I have the honor to acknowledge receipt of your letters dated June 18, 1927 (SO 811.512351 Shipping/10) and June 23, 1927 (SO 811.512351 Shipping/11), with further reference to previous corre- spolldence relative to the proposed reciprocal exemption from taxa- tion by the Governments of the United States and France of the income of French and American national!3 respectively, derived from the operation of ships. Attached to your letter of June 18, 1927,