Finance Minister Chuang Tsui-yun (莊翠雲) says that the new agreement aimed at reducing double taxation between the United States and Taiwan will be signed by June of next year. Chaung made the announcement while answering questions in the legislature on Wednesday. Chuang says there is hope the agreement could be signed even earlier than June, and she expects the domestic laws would take effect shortly thereafter.
The U.S. bill, known as the U.S.-Taiwan Expedited Double Tax Relief Act, has been formally introduced in both houses of Congress by a bipartisan group of lawmakers.
Chuang says that the agreement aims to prevent double taxation of both companies and individuals, as well as prevent excessive taxation overall. She says that tax revenue in Taiwan will not be strongly affected by the agreement, because the levels of investment between the two sides are relatively equal. She adds that the most important goal is to create an attractive tax environment for investment which will grow the economy and expand the tax base.