WASHINGTON DC – National Foreign Trade Council (NFTC) Vice President for International Tax Policy Anne Gordon issued the following statement following the U.S. Department of the Treasury’s announcement that the United States and Taiwan will begin negotiations towards a comprehensive tax agreement to address double taxation:
“NFTC welcomes Treasury’s announcement that work will commence on an agreement between the U.S. and Taiwan to address double taxation with a key ally and important trading partner. Agreements such as this one remove barriers, increase investment and create jobs in both countries.
“We applaud the Treasury’s initiative to begin these discussions, which will facilitate an agreement with Taiwan as contemplated by Congress. In that vein – we also urge continued work with Congress to swiftly pass the bipartisan U.S.-Taiwan Expedited Double Tax Relief Act before the end of the year.
“Due to its importance as an ally and economic partner, Taiwan has consistently ranked as one of the top treaty priorities in NFTC’s annual Tax Treaty Survey. Survey respondents highlighted permanent establishment, business profits, and reducing withholding rates on royalties as primary areas for consideration in a potential agreement, and we hope the Treasury considers addressing all of these issues as part of their negotiations.”
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About the NFTC
The National Foreign Trade Council (NFTC) is the premier business association advancing trade and tax policies that support access to the global marketplace. Founded in 1914, NFTC promotes an open, rules-based global economy on behalf of a diverse membership of U.S.-based businesses.
