US Senate committee passes bill that would cut taxes on Taiwanese firms operating in US

US legislation that would establish the first US-Taiwan taxation agreement – and possibly benefit TSMC and other Taiwan companies operating in the US – passed a key congressional hurdle on Thursday.

The bill – which, among other benefits, would cut by two-thirds the withholding tax rate on income earned in the US by qualified Taiwanese entities – passed the Senate Finance Committee unanimously in a special session.