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.”
‘DENIAL DEFENSE’: The US would increase its military presence with uncrewed ships, and submarines, while boosting defense in the Indo-Pacific, a Pete Hegseth memo said The US is reorienting its military strategy to focus primarily on deterring a potential Chinese invasion of Taiwan, a memo signed by US Secretary of Defense Pete Hegseth showed. The memo also called on Taiwan to increase its defense spending. The document, known as the “Interim National Defense Strategic Guidance,” was distributed this month and detailed the national defense plans of US President Donald Trump’s administration, an article in the Washington Post said on Saturday. It outlines how the US can prepare for a potential war with China and defend itself from threats in the “near abroad,” including Greenland and the Panama
The High Prosecutors’ Office yesterday withdrew an appeal against the acquittal of a former bank manager 22 years after his death, marking Taiwan’s first instance of prosecutors rendering posthumous justice to a wrongfully convicted defendant. Chu Ching-en (諸慶恩) — formerly a manager at the Taipei branch of BNP Paribas — was in 1999 accused by Weng Mao-chung (翁茂鍾), then-president of Chia Her Industrial Co, of forging a request for a fixed deposit of US$10 million by I-Hwa Industrial Co, a subsidiary of Chia Her, which was used as collateral. Chu was ruled not guilty in the first trial, but was found guilty
A wild live dugong was found in Taiwan for the first time in 88 years, after it was accidentally caught by a fisher’s net on Tuesday in Yilan County’s Fenniaolin (粉鳥林). This is the first sighting of the species in Taiwan since 1937, having already been considered “extinct” in the country and considered as “vulnerable” by the International Union for Conservation of Nature. A fisher surnamed Chen (陳) went to Fenniaolin to collect the fish in his netting, but instead caught a 3m long, 500kg dugong. The fisher released the animal back into the wild, not realizing it was an endangered species at
DEADLOCK: As the commission is unable to forum a quorum to review license renewal applications, the channel operators are not at fault and can air past their license date The National Communications Commission (NCC) yesterday said that the Public Television Service (PTS) and 36 other television and radio broadcasters could continue airing, despite the commission’s inability to meet a quorum to review their license renewal applications. The licenses of PTS and the other channels are set to expire between this month and June. The National Communications Commission Organization Act (國家通訊傳播委員會組織法) stipulates that the commission must meet the mandated quorum of four to hold a valid meeting. The seven-member commission currently has only three commissioners. “We have informed the channel operators of the progress we have made in reviewing their license renewal applications, and
RSS