TAIPEI (Taiwan News) — The US House of Representatives is set to review a bill addressing US-Taiwan double taxation next week.

The House could vote on the bill, reintroduced by House Ways and Means Committee Chairman Jason Smith, as early as Jan. 14, according to CNA. While a previous version of the bill passed the House during the 118th Congress, it stalled in the Senate due to procedural issues.

The proposed US-Taiwan Expedited Double-Tax Relief Act aims to reduce withholding tax rates on dividends, interest, and royalties. It also seeks to establish a permanent definition clarifying tax standards for Taiwanese businesses operating in the US Additionally, the bill provides exemptions for qualifying employment income to prevent double taxation on salaries for Taiwanese expatriates.

If passed by the House, the bill will move to the Senate for review. Senate Finance Committee Chairman Mike Crapo has prioritized addressing the US-Taiwan double taxation issue. In a press release last week, Crapo said it was time to “relieve double taxation on cross-border investment between the US and Taiwan.”

Taiwan has been advocating for a double tax avoidance agreement with the US in recent years. During a November meeting with a visiting US Senate delegation, Lai Ching-te (賴清德) said such an agreement would “create an environment even more conducive to economic and trade exchanges and increase bilateral investment, industrial cooperation, and economic resilience.”

Negotiations for a double tax avoidance agreement are already underway.