U.S. House of Representatives today passed H.R. 33
The U.S. House of Representatives today passed H.R. 33, the United States-Taiwan Expedited Double-Tax Relief Act, by a vote of 423-1.
This bipartisan legislation provides relief from double taxation of cross-border investment between the United States and Taiwan through tax code changes instead of by treaty. It includes the reduction of the rate of withholding taxes, the application of permanent establishment rules, treatment of income from employment, and the determination of the residency of citizens of Taiwan. It authorizes the President to enter into a tax agreement with Taiwan to implement its provisions.
Read text of the bill—H.R. 33
The legislation has bipartisan support in the Senate, but the timing of the Senate’s consideration of the legislation is uncertain.