Premier Chen Chien-jen said that he hoped that U.S.-Taiwan Business Council would convey the importance of the issue of double taxation avoidance to the U.S. government. Chen made the remarks while receiving a USTBC delegation led by Keith Krach, chairman of Krach Institute for Tech Diplomacy, Jan. 22 in Taipei City.
USTBC is a long-standing partner that promotes Taiwan-U.S. trade links, Chen said, adding that it enables U.S. enterprises to gain deeper understanding of Taiwan through contact with U.S. government and law-making bodies, in addition to hosting industry forums, producing economic indicator reports and visiting Taiwan regularly.
Over the past three years, Taiwan’s average economic growth rate has been higher than that of other economies, the premier said. Chen said that the International Monetary Fund ranks the country as the world’s 21st largest economy and Switzerland’s International Institute for Management Development ranked its overall competitiveness sixth globally in 2023.
According to the U.S. Department of Commerce, the U.S. was Taiwan’s second largest trade partner while Taiwan was the U.S. eighth largest trade companion from January to November last year; the U.S. was also Taiwan’s third largest source of foreign investment in addition to being its main source of cutting-edge technology. Chen added that he hoped the USTBC would persist in raising the issue of avoidance of double taxation with the U.S. administration to stimulate mutual investment.
In response, Krach said that during his last visit to Taiwan in August 2023, he announced that the Krach Institute for Tech Diplomacy planned to build a Taiwan Center for Innovation and Prosperity, to expedite economic growth, digital transition and enhance Taiwan’s international profile. He added that he would work with the U.S. Congress to address the issue of double taxation avoidance. (POC-E)
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