The passage of the U.S.-Taiwan Expedited Double-Tax Relief Act by the U.S. House of Representatives is sincerely appreciated by the government and people of Taiwan, the Ministry of Foreign Affairs said Jan. 16.
 
Following the act’s passage, House Speaker Mike Johnson released a statement stressing the significance of the U.S. economic relationship with Taiwan. By streamlining the tax process for cross-border investment, the act will help strengthen bilateral economic ties while boosting U.S. competitiveness and creating more jobs, he added.
 
The bill empowers the U.S. President to negotiate a tax agreement with Taiwan, he said, further urging Taiwan businesses to build factories in the U.S. so that the like-minded nation will be a more competitive place for semiconductor companies to do business.
 
In response, the MOFA said the ministry will continue to work with U.S. Congress and the new administration to support the act. The country is committed to eliminating tax barriers to bilateral investment and trade as soon as possible, so as to strengthen key industries’ supply chain resilience and enhance mutually beneficial economic and trade partnership, the ministry added.
 
The act will now be sent to the U.S. Senate for a vote. If approved, it will be sent to the U.S. president to be signed into law. 


Source: Taiwan Today (https://taiwantoday.tw/index.php)