WASHINGTON – Today, U.S. Senators Ben Cardin (D-Md.) and Jim Risch (R-Idaho), Chair and Ranking Member of the Senate Foreign Relations Committee, along with Ron Wyden (D-Ore.) and Mike Crapo (R-Idaho), Chair and Ranking Member of the Senate Finance Committee endorsed a package of legislation to provide double-tax relief between the United States and Taiwan. The legislation released by the House Ways and Means Committee incorporates both the United States-Taiwan Expedited Double-Tax Relief Act and the United States-Taiwan Tax Agreement Authorization Act. The United States-Taiwan Expedited Double-Tax Relief Act was unanimously passed out of the Finance Committee in September. The Taiwan Tax Agreement Act was passed out of the Foreign Relations Committee by voice vote in July.
The members issued the following joint statement today:
“Providing double-tax relief is a long overdue step to strengthen the important relationship between the U.S. and Taiwan. We are pleased that the Senate Foreign Relations Committee and the Senate Finance Committee, working with the House Ways and Means Committee, have come to an agreement on this combined legislative package with strong bipartisan and bicameral support.
“Taiwan – one of the world’s largest economies – is among the United States’ top trading partners, yet the only such partner without an agreement to address double taxation. Our bills not only rectify this problem, but facilitate broader investment between the United States and Taiwan, create more American jobs across the country, and help promote our collective prosperity, national security, and economic resilience. Our legislation provides expedited double-tax relief through the tax code and paves the way for future agreements between the United States and Taiwan on additional, comprehensive double-tax relief.
“As the leadership of the Senate Foreign Relations Committee and Senate Finance Committee, we fully endorse this legislative effort and applaud the Ways and Means Committee for its planned markup of the United States-Taiwan Expedited Double-Tax Relief Act and the United States-Taiwan Tax Agreement Authorization Act. We look forward to the swift passage of this legislative package and enactment into law as a critical step forward in our continued partnership with Taiwan.”