SIA Statement on the Advancement of U.S.-Taiwan Tax Legislation

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The Semiconductor Industry Association (SIA) released the following statement from vice president of government affairs David Isaacs in response to congressional action last week to advance legislation to resolve double taxation and other tax matters between the U.S. and Taiwan.

“We thank Senate Finance Committee Chair Wyden (D-Ore.) and Ranking Member Crapo (R-Idaho), Senate Foreign Relations Committee Chair Cardin (D-Md.) and Ranking Member Risch (R-Idaho), and House Ways and Means Committee Chair Smith (R-Mo.) and Ranking Member Neal (D-Mass.) for forging a path to resolve the pressing tax matters between the U.S. and one of its top trading partners.

“The unanimous vote last week by the House Ways and Means Committee to approve this legislation is a welcome step and sends a strong message of support to resolve double taxation between the two jurisdictions and reduce barriers to trade.

“We urge the House and Senate to take up and pass this critical legislation. Doing so will bolster the competitiveness of semiconductor companies in both the U.S. and Taiwan and support the significant investments being made in the U.S. semiconductor industry following the passage of the CHIPS and Science Act. A tax agreement between the U.S. and Taiwan is an essential component to the success of the new law.”