Press Release:
The US-Taiwan Business Council Welcomes U.S. House Letter Urging Congress to Address Taiwan Double Taxation
(Arlington, Virginia, December 6, 2024)
The US-Taiwan Business Council (USTBC) welcomes today’s letter signed by 103 members of the U.S. House of Representatives that urges House and Senate leadership to clear pending Taiwan-related tax legislation before the end of the 118th Congress. Ongoing efforts to get Taiwan-related tax relief enacted remain stalled in the Senate. The letter stated that the lack of a bilateral tax arrangement disincentives U.S. and Taiwan companies from expanding reciprocal investments. The House members called on their Senate colleagues to urgently move forward on the pending U.S.-Taiwan double taxation relief measures.
The US-Taiwan Business Council and the American Chamber of Commerce in Taiwan have jointly and separately supported the several proposed measures to provide double taxation relief for both U.S. and Taiwan businesses. On June 24, 2024, the two organizations signed a joint letter to the Senate Foreign Relations Committee and the Senate Committee on Finance, stressing the importance of expediting an agreement on double taxation avoidance between the United States and Taiwan.
Council President Rupert Hammond-Chambers commented, “USTBC has consistently supported this important Congressional effort to address double taxation issues, given that expanded bilateral investments would have positive economic and national security benefits for both sides. Urgent action by Congress to finally move forward and pass a bilateral tax arrangement would be welcome.”
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.
