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Bipartisan Senators Push for New Tax Treaty with Taiwan

Several senior bipartisan lawmakers in the U.S. Senate announced that they would push for a new tax treaty between the U.S. and Taiwan. They introduced a bill calling on the U.S. government to start negotiating a tax agreement with Taiwan to further strengthen economic ties between the U.S. and Taiwan.

The office of Democratic Senator Chris Van Hollen (Chris Van Hollen), chairman of the Senate Foreign Relations Committee's East Asia, Pacific and International Cybersecurity Policy Subcommittee, issued a statement on Thursday (March 2) that Van Hollen and Republican Senator Bill Cassidy, Democrat, Senator Tim Kaine, Democrat, Todd Young, Republican, Chris Coons, Democrat Coons, along with Republican Mitt Romney, sponsored the bipartisan bill.

Senator Van Hollen said, "Taiwan is an important economic partner of the United States, but the current double taxation of Taiwanese and American companies places an undue burden on these companies and hinders opportunities for further cooperation and investment.

" Hollen said that in order to address this shortcoming in trade policy, it is necessary to reach a formal joint tax agreement, and this bipartisan resolution is to urge the Biden administration to start the key work to achieve this goal.

Senator Cassidy stated that "Taiwan is not only a key democratic ally in the Pacific, but also one of the largest trading partners of the United States"; therefore, the Biden administration should negotiate a tax deal that would make it easier to do business and avoid double taxation.

Senator Kaine said, “Over the years, our two economies, the United States and Taiwan, have developed deep and close ties. The US-Taiwan tax treaty is critical to ensuring that our economic partnership remains strong and that we continue to serve the United States and Taiwan. Delivering tangible benefits to businesses and consumers is critical."

According to a statement from Senator Van Hollen's office, the bill includes three main elements: First, encourage the President of the United States to begin negotiations and encourage the House of Representatives to work with the Senate to reach a congressional-administrative agreement to establish an income tax bill between the United States and Taiwan agreement; two, recognizing the importance of Taiwan's security and prosperity to the security and prosperity of the United States itself, and recognizing that the elimination of double taxation on U.S. and Taiwanese companies would boost bilateral trade and investment, potentially creating new jobs in the United States opportunities to grow; and three, encourage the President to seek other avenues to increase trade, technology, and investment ties between the United States and Taiwan.
Bipartisan Senators Push for New Tax Treaty with Taiwan

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