A bill on Thursday was introduced to the US Senate and the US House of Representatives to relieve double taxation of investments between the US and Taiwan.
US Senate Finance Committee Chair Ron Wyden and ranking member Mike Crapo, along with US House of Representatives Ways and Means Chair Jason Smith and ranking member Richard Neal, introduced the proposed US-Taiwan expedited double-tax relief act.
The Senate Finance Committee last month unanimously passed the bill, which puts double tax relief directly into the US tax code to expedite the process to months instead of years, Wyden has said.
Photo: Reuters
The introduction on Thursday was a “concrete step forward” to avoid double taxation between the two sides, strengthen US-Taiwan ties and stimulate economic development, the Senate Finance Committee said in a statement.
“It’s a no-brainer for US jobs and for America’s national security to strengthen our economic partnership with Taiwan,” Wyden said.
It is rare for the bipartisan leaders of US Senate Finance and the US House Ways and Means committees to come together to introduce legislation, he said, pledging to work together with other lawmakers to “get our legislation over the finish line.”
“Without question, deepening ties with Taiwan and its vibrant democracy is in our nation’s best interests,” Crapo said.
Introducing the bill in the Senate and the House “marks an important next step in unlocking opportunities to help workers and businesses of all sizes get ahead in both the US and Taiwan,” he added.
The legislation would promote investment and create jobs, bringing prosperity to the US “and a key economic partner,” Smith said.
Solving the issue of double taxation is “urgent” as the US-Taiwan alliance “is ripe for expanded investment,” Neal said.
The introduction of the bill followed the signing of the first agreement under the US-Taiwan Initiative on 21st-Century Trade in June, which is “another strong show of support for the US-Taiwan alliance,” the committees said.
The proposed bill would amend to the Internal Revenue Code of 1986, instead of authorizing the US government to negotiate a tax agreement with Taiwan, which US Senator Robert Menendez supported.
Menendez chairs the US Senate Foreign Relations Committee, which in July passed the Taiwan tax agreement in support of a binding tax agreement that requires US Congress approval.
“We can find a compromise to move both bills forward jointly, but it will require the chairman and ranking member to demonstrate some flexibility in their approach,” he told the Senate Finance Committee last month.
EXPRESSING GRATITUDE: Without its Taiwanese partners which are ‘working around the clock,’ Nvidia could not meet AI demand, CEO Jensen Huang said Taiwan Semiconductor Manufacturing Co (TSMC, 台積電) and US-based artificial intelligence (AI) chip designer Nvidia Corp have partnered with each other on silicon photonics development, Nvidia founder and CEO Jensen Huang (黃仁勳) said. Speaking with reporters after he met with TSMC chairman C.C. Wei (魏哲家) in Taipei on Friday, Huang said his company was working with the world’s largest contract chipmaker on silicon photonics, but admitted it was unlikely for the cooperation to yield results any time soon, and both sides would need several years to achieve concrete outcomes. To have a stake in the silicon photonics supply chain, TSMC and
IDENTITY: Compared with other platforms, TikTok’s algorithm pushes a ‘disproportionately high ratio’ of pro-China content, a study has found Young Taiwanese are increasingly consuming Chinese content on TikTok, which is changing their views on identity and making them less resistant toward China, researchers and politicians were cited as saying by foreign media. Asked to suggest the best survival strategy for a small country facing a powerful neighbor, students at National Chia-Yi Girls’ Senior High School said “Taiwan must do everything to avoid provoking China into attacking it,” the Financial Times wrote on Friday. Young Taiwanese between the ages of 20 and 24 in the past were the group who most strongly espoused a Taiwanese identity, but that is no longer
A magnitude 6.4 earthquake and several aftershocks battered southern Taiwan early this morning, causing houses and roads to collapse and leaving dozens injured and 50 people isolated in their village. A total of 26 people were reported injured and sent to hospitals due to the earthquake as of late this morning, according to the latest Ministry of Health and Welfare figures. In Sising Village (西興) of Chiayi County's Dapu Township (大埔), the location of the quake's epicenter, severe damage was seen and roads entering the village were blocked, isolating about 50 villagers. Another eight people who were originally trapped inside buildings in Tainan
SHARED VALUES: The US, Taiwan and other allies hope to maintain the cross-strait ‘status quo’ to foster regional prosperity and growth, the former US vice president said Former US vice president Mike Pence yesterday vowed to continue to support US-Taiwan relations, and to defend the security and interests of both countries and the free world. At a meeting with President William Lai (賴清德) at the Presidential Office in Taipei, Pence said that the US and Taiwan enjoy strong and continued friendship based on the shared values of freedom, the rule of law and respect for human rights. Such foundations exceed limitations imposed by geography and culture, said Pence, who is visiting Taiwan for the first time. The US and Taiwan have shared interests, and Americans are increasingly concerned about China’s
RSS