Dear Chairman Wyden and Ranking Member Crapo:
The U.S. Chamber of Commerce supports the “United States–Taiwan Expedited Double-Tax Relief Act,” a bipartisan bill to provide relief from double taxation in U.S. trade and investment relations with Taiwan.
Taiwan is the 10th largest U.S. trading partner, and U.S. direct investment in Taiwan topped $16 billion in 2021. In the same year, Taiwanese investment in the United States reached $17 billion. These commercial ties support jobs, growth, and innovation in both the United States and Taiwan.
However, due to the complexity of the international tax system, it is not uncommon to see double taxation of income earned by U.S. companies doing business abroad. This bill would provide much-needed certainty to U.S. businesses investing in Taiwan, and vice versa, by establishing clear rules for the avoidance of double taxation and mitigating other tax barriers to cross-border trade and investment.
The United States–Taiwan Expedited Double-Tax Relief Act would reduce unnecessary double taxation, prevent fiscal evasion, and remove barriers to commerce between our two economies. The Chamber urges the Committee to favorably report this bill.
Sincerely,
Neil L. Bradley
Executive Vice President, Chief Policy Officer, and Head of Strategic Advocacy
U.S. Chamber of Commerce
cc: Members of the Senate Committee on Finance
