Menendez, Risch, Van Hollen, Romney Laud SFRC Passage of their Taiwan Tax Agreement Act of 2023

Press Release

"As Co-Chair of the Senate Taiwan Caucus, I am proud to lead the bipartisan effort to secure Foreign Relations Committee approval of this critical legislation. The Taiwan Tax Agreement Act of 2023, which authorizes the negotiation and conclusion of a tax agreement between the United States and Taiwan, is vital to ensuring economic stability and bolstering American and Taiwanese businesses, including entrepreneurs and innovators throughout New Jersey," said Chairman Menendez. "As Beijing's predatory economic practices escalate and President Xi seeks to find allies like President Putin to join in their malign actions, it is important we continue to work with partners such as Taiwan to promote a transparent, secure, and open global economy for all. The economic ties forged by the Taiwan Tax Agreement Act would support our supply chain resiliency and America's future economic security, as well as that of our partners and allies. I look forward to working with my colleagues to ensure swift passage in both the House and Senate."

"The Taiwan Tax Agreement provides an important opportunity to strengthen our economic relationship with Taiwan -- one of the world's largest economies," said Ranking Member Risch. "This legislation will allow the president to start negotiating an agreement, modeled upon existing tax treaties, that would encourage increased investment between the U.S. and Taiwan by eliminating duplicative tax structures. It is important for the United States and other countries to increase their economic relations with Taiwan, especially given increased coercion by China. I hope the full Senate will vote on it soon."

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