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.
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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.”
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