The Taiwanese Chambers of Commerce of North America (TCCNA) on Thursday praised the US House of Representatives’ passage of the US-Taiwan Expedited Double-Tax Relief Act.
The act, passed on Wednesday in a 423 to one vote in the US House of Representatives, next heads to the US Senate for approval, before heading to the US president’s desk if passed.
The act would exempt taxation for qualified Taiwanese residents who provide services in the US, while offering a lower withholding tax rate for qualified Taiwanese residents with particular types of US-sourced income, such as dividends or interest.
Photo: Bloomberg
It also includes the US-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,” the TCCNA said 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 added, pledging to promote other policies that benefit the US and Taiwanese business communities.
The Washington-based Formosan Association for Public Affairs (FAPA) also welcomed the bill’s passage in the House.
“This bipartisan landmark legislation represents a pivotal step toward deepening the economic partnership between the US and Taiwan by addressing the critical issue of double taxation,” it said in a statement.
“We commend the leadership of House Ways and Means Committee Chairman Jason Smith and ranking member Richard Neal for passing the US-Taiwan Expedited Double-Tax Relief Act, a vital piece of legislation that FAPA has ardently championed,” it quoted FAPA president Kao Su-mei (林素梅) as saying.
“By relieving double taxation and providing critical tax benefits, this act will bolster investment and trade between the US and Taiwan while enhancing their economic partnership and global competitiveness,” it said. “This legislation will also strengthen national security against China’s economic influence and coercion.”
A strong continental cold air mass and abundant moisture bringing snow to mountains 3,000m and higher over the past few days are a reminder that more than 60 years ago Taiwan had an outdoor ski resort that gradually disappeared in part due to climate change. On Oct. 24, 2021, the National Development Council posted a series of photographs on Facebook recounting the days when Taiwan had a ski resort on Hehuanshan (合歡山) in Nantou County. More than 60 years ago, when developing a branch of the Central Cross-Island Highway, the government discovered that Hehuanshan, with an elevation of more than 3,100m,
Death row inmate Huang Lin-kai (黃麟凱), who was convicted for the double murder of his former girlfriend and her mother, is to be executed at the Taipei Detention Center tonight, the Ministry of Justice announced. Huang, who was a military conscript at the time, was convicted for the rape and murder of his ex-girlfriend, surnamed Wang (王), and the murder of her mother, after breaking into their home on Oct. 1, 2013. Prosecutors cited anger over the breakup and a dispute about money as the motives behind the double homicide. This is the first time that Minister of Justice Cheng Ming-chien (鄭銘謙) has
TRANSPORT CONVENIENCE: The new ticket gates would accept a variety of mobile payment methods, and buses would be installed with QR code readers for ease of use New ticketing gates for the Taipei metro system are expected to begin service in October, allowing users to swipe with cellphones and select credit cards partnered with Taipei Rapid Transit Corp (TRTC), the company said on Tuesday. TRTC said its gates in use are experiencing difficulty due to their age, as they were first installed in 2007. Maintenance is increasingly expensive and challenging as the manufacturing of components is halted or becoming harder to find, the company said. Currently, the gates only accept EasyCard, iPass and electronic icash tickets, or one-time-use tickets purchased at kiosks, the company said. Since 2023, the company said it
Ferry operators are planning to provide a total of 1,429 journeys between Taiwan proper and its offshore islands to meet increased travel demand during the upcoming Lunar New Year holiday, the Maritime and Port Bureau said yesterday. The available number of ferry journeys on eight routes from Saturday next week to Feb. 2 is expected to meet a maximum transport capacity of 289,414 passengers, the bureau said in a news release. Meanwhile, a total of 396 journeys on the "small three links," which are direct ferries connecting Taiwan's Kinmen and Lienchiang counties with China's Fujian Province, are also being planned to accommodate
RSS