U.S. Senate Approves Trade Agreement with Taiwan

The U.S. Senate has approved a preliminary trade agreement with Taiwan. Resulting from years of talks and negotiations, the bill outlines terms for future negotiations and could point to stronger tax ties between the countries. Introduced by three congressional leaders, Sen. Ron Wyden (D-OR), Jason Smit (R-MO), and Richard Neal (D-MA), the bipartisan effort seeks to send a solid message to the Island nation of its willingness to enhance its trade relationship.

The same three legislators introduced a bill earlier in July that seeks to offer treaty-like benefits for businesses seeking cross-border investments via the U.S. tax code. The tax bill would lower withholding taxes on dividends, interest and royalties associated with international investments. This legislation awaits final approval from the oval office.

Read more on pending trade and tax opportunities here.