Ways and Means, Finance chairs and ranking members release discussion draft of bipartisan bill providing tax relief for Taiwan
Legislation to provide relief from double-taxation for workers and businesses engaged in U.S.-Taiwan cross-border investment
Legislative update
The chairmen and ranking members of the tax-writing committees of the U.S. Congress today released a discussion draft of legislation to provide relief from double-taxation for workers and businesses engaged in U.S.-Taiwan cross-border investment.
According to the related release, the bill would significantly reduce withholding taxes on dividends, interest, and royalties paid on these cross-border investments, mitigate barriers for smaller businesses to make those investments, reduce complexity for dual residents, and unlock opportunity for deepening our economic cooperation with Taiwan.
Comments on the discussion draft are requested by July 24, 2023.
- Read text [PDF 52 KB] of the discussion draft
- Read a summary [PDF 80 KB] of the discussion draft
- Read a technical explanation [PDF 109 KB] of the discussion draft
The Senate Foreign Relations Committee has on its calendar for consideration today legislation that would take a different approach to Taiwan. The Foreign Relations Committee bill would authorize the administration to negotiate a tax agreement, the terms of which would then have to be approved by Congress.
The KPMG name and logo are trademarks used under license by the independent member firms of the KPMG global organization. KPMG International Limited is a private English company limited by guarantee and does not provide services to clients. No member firm has any authority to obligate or bind KPMG International or any other member firm vis-à-vis third parties, nor does KPMG International have any such authority to obligate or bind any member firm. The information contained herein is of a general nature and is not intended to address the circumstances of any particular individual or entity. Although we endeavor to provide accurate and timely information, there can be no guarantee that such information is accurate as of the date it is received or that it will continue to be accurate in the future. No one should act on such information without appropriate professional advice after a thorough examination of the particular situation. For more information, contact KPMG's Federal Tax Legislative and Regulatory Services Group at: + 1 202 533 3712, 1801 K Street NW, Washington, DC 20006.