TAIPEI (Taiwan News) — Taiwan Representative to the US Alexander Yui (俞大㵢) said Thursday that the US-Taiwan Expedited Double-Tax Relief Act could be finalized next year.

Yui said negotiations with the US are nearing the final stages, per CNA. “It’s getting closer to success,” he said, noting the bill has been in progress for about 20 years, per Liberty Times.

The legislation would prevent Taiwanese employees in the US from paying taxes twice and lower withholding rates on US-sourced income, according to Yui.

Last year, 40% of Taiwan’s foreign direct investment went to the US, Yui explained. He added that future investments will expand beyond major firms like TSMC to small- and medium-sized enterprises.

US President Donald Trump recently signed the Taiwan Assurance Implementation Act, requiring the State Department to regularly review regulations on Taiwan interactions. It also covers measures to lift restrictions.

Yui said that while both sides are willing, the bill still must pass legal procedures. The measure has passed the House and is awaiting Senate approval.

Industry sources said the agreement could make Taiwan a more attractive destination for US investment and encourage more Taiwanese firms to expand in the US.