Smith, DelBene, Malliotakis, Chu Introduce Resolution Calling for Action to Avoid Double Taxation With Taiwan

Targeted News Service (Press Releases)

WASHINGTON, May 26 -- Rep. Adrian Smith, R-Nebraska, issued the following news release:

Reps. Adrian Smith (R-NE), Suzan DelBene (D-WA), Nicole Malliotakis (R-NY), and Judy Chu (D-CA) introduced a resolution calling for legislation to avoid double taxation between the U.S. and Taiwan. While the United States and Taiwan cannot enter a formal treaty addressing the tax treatment of international investment, similar tax treatment can be achieved through reciprocal legislation.

The members released the following statements:

"Strengthening our strategic partnership with Taiwan reinforces the long-term economic stability American businesses and our trusted allies need to invest for the future and combat the influence of bad actors," said Rep. Smith. "This resolution urges action on a bipartisan solution to ensure double taxation does not stand in the way of mutual investment at a time when Taiwan's significant role in regional security is being tested. I appreciate the opportunity to work with Representatives DelBene, Malliotakis, and Chu on this important issue."

"Taiwan is an important democratic ally in the Indo-Pacific region and a top-ten U.S. trading partner. In the face of authoritarian threats, the Taiwanese people have called on us for assistance, and Democrats and Republicans both agree that we must help increase Taiwan's economic resiliency and support American jobs," said Rep. DelBene. "Reducing double taxation on Taiwanese and American businesses would be a significant step forward in boosting two-way trade and investment and supporting jobs in critical sectors such as semiconductor chip production."

"On top of having a robust trading relationship with the United States, Taiwan plays a key role in our technology supply chains and is a critical national security partner," Rep. Malliotakis said. "An income tax agreement between the U.S. and Taiwan would bolster the economic relationship between our two countries, increase Taiwanese investment here in the U.S. and shows China that the U.S. will not tolerate CCP aggression against free and Democratic Taiwan."

"Taiwan already is among the U.S.'s top ten trading partners and that economic partnership has great potential to deepen," said Rep. Chu. "It's therefore essential for the House to support ending double taxation between the U.S. and Taiwan, and I am grateful to join a bipartisan effort to make this happen. Strengthening our economic ties would directly benefit Americans and Taiwanese who do business in both countries, including many of my own constituents in the San Gabriel Valley."