World News| U.S. lawmakers call for an end to double taxation on Taiwan

Taipei [Taiwan]Chinanews.com, March 15 (Xinhua) — Chris Smith, chairman of the U.S. Congressional Committee on China Issues, expressed support for Taiwan during a meeting with Taipei’s representative to the U.S., Michelle Hsiao, and called on the U.S. to eliminate double taxation between the two countries. Focus on Taiwan.

“Taiwanese investors pay three times the tax rate on dividends compared to Chinese investors, which is more favorable than our allies Australia and South Korea,” Smith said in a statement.

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Smith argues that it is unreasonable for Taiwanese investors to be penalized by double taxation, especially when Taiwan invests in manufacturing semiconductors in the United States.

Last Thursday, the U.S. Congressional-Executive Commission on China issued a statement in which Smith cited as an example that while investors from China are buying farmland near strategically sensitive areas, Taiwan is investing about $40 billion to build semiconductor factories in the U.S. The report focuses on Taiwan.

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Taiwan’s top envoy, Michelle Hsiao, met with Chris Smith and discussed a range of issues related to Taiwan’s security needs and the Chinese Communist Party’s security threats.

“The United States should discourage investment from communist China while encouraging investment from democratic Taiwan — not the other way around,” he said.

Discussing Taiwan’s security needs and the Chinese Communist Party’s security threats, Smith said, “Taiwan is a beacon of freedom and a great strategic partner that respects human rights and shares our values ​​and aspirations.”

During the meeting, he said the U.S. must stand firmly with Taiwan in the face of growing threats to Taiwan and U.S. national security from the Communist regime under Chinese President Xi Jinping.

Meanwhile, he also personally thanked Taiwan for donating 300,000 medical masks to New Jersey residents early in the COVID-19 pandemic, according to Taiwan Focus.

Smith said that when he contacted the Taipei Economic and Cultural Representative Office in the United States and New York amid the state’s severe shortage of masks early in the COVID-19 pandemic, they were quick to help.

Smith added: “As we face the worst of COVID-19, the people of Taiwan are with us and we must support them in their time of need.” (Arney)

(This is an unedited and auto-generated story from a Syndicated News feed, the content body may not have been modified or edited by LatestLY staff)