The Taiwanese Chambers of Commerce of North America (TCCNA) on Thursday applauded the passage of the US-Taiwan Expedited Double-Tax Relief Act.
The bill was passed by the US House of Representatives on Wednesday by a 423 to 1 vote.
The act exempts taxation for qualified Taiwanese residents who provide services in the US, and offer a lower withholding tax rate for qualified Taiwanese residents with particular types of US-sourced income such as dividends or interest.
It also includes the United States-Taiwan Tax Agreement Authorization Act, which would grant the US president authority to negotiate and establish a tax agreement with Taiwan.
"The Act aims to spur greater mutual investments from both countries, in the areas of critical and emerging technologies, such as advanced chip manufacturing, artificial intelligence and quantum computing," said the TCCNA in a statement.
"The TCCNA has been an advocate for this issue for a long period of time, under the leadership of former and current presidents Mr. Tom Wu (吳東昇), Mr. Joey Chiang (江俊霖) and Mr. Arthur Chen (陳世修) and senior advisers, Dr. Eugenia Henry, Mr. Thomas Chen (陳秋貴) and Dr. Charles Ku (谷祖光)," it added.
"We are very glad that our efforts are coming to fruition," it said, pledging to push forward other policies that benefit both the US and Taiwan business communities.
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