USTBC Supports Progress on Avoidance of Double Taxation Legislation
The US-Taiwan Business Council Supports Progress on Avoidance of Double Taxation Legislation
(Arlington, Virginia, January 23, 2024)
The US-Taiwan Business Council today welcomed news that the U.S. Congress is making progress on legislation supporting reciprocal avoidance of double taxation for U.S. and Taiwan businesses.
On January 19, 2024, the U.S. House Committee on Ways and Means voted 40-3 to send the Tax Relief for American Families and Workers Act of 2024 to the House for a full floor vote. Part of the language in the Act, subtitled United States-Taiwan Expedited Double-Tax Relief Act, provides tax treaty-like rules for the taxation of cross-border investment between the United States and Taiwan.
The US-Taiwan Business Council hopes that further progress can be made on this tax legislation, as passage could help boost the U.S.-Taiwan economic relationship – especially important in the semiconductor industry – and could lead to expanding and accelerating inbound investment into the United States from Taiwan. On October 25, 2023, USTBC issued a Special Commentary on the importance of this type of legislation. We are pleased to see this crucial issue being addressed.
About the US-Taiwan Business Council:
The US-Taiwan Business Council (www.us-taiwan.org) is a membership-based non-profit association, founded in 1976 to foster trade and business relations between the United States and Taiwan. The Council provides its members with business intelligence, offers access to an extensive network of relationships, and serves as a vital and effective representative in dealing with business, trade, and investment matters.