Republican and Democratic members of the U.S. House of Representatives introduced legislation on Wednesday that would authorize President Joe Biden's administration to negotiate a tax agreement with Taiwan, seeking to foster investment as Washington works to shore up the island against a rising China.
The lawmakers, including House Foreign Affairs Committee Chairman Michael McCaul and top Democrat Gregory Meeks, said the agreement, similar to a treaty, would facilitate investment, protect against tax evasion and allow businesses in both the United States and Taiwan to avoid double taxation.
Washington and Taipei do not have formal diplomatic relations, so the lack of a tax agreement means Taiwanese businesses and individuals are taxed on their income by both the U.S. and Taiwanese governments.
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