Yellen Vows to Work on US-Taiwan Tax Issue Plaguing Business

Secretary of the Treasury Janet Yellen said the lack of a tax treaty with Taiwan is a major obstacle for businesses, and the Biden administration will seek to resolve the issue.

“I recognize that this is an important problem that we need to explore ways to solve,” Yellen said in response to a question at a House Appropriations subcommittee hearing on Wednesday. It’s something that “the private sector always points to as an issue,” he said.

While the US and Taiwan have deep economic ties, including the island being a key source of semiconductors used by American industry, there are…