Re: Congressmen Press for Solution to WTO Internet Gambling Dispute
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A foreign company can exempt income made in the U.S. if taxed in another jurisdiction. This applies to all companies in all countries, not just gaming companies in Antigua.
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A company doing business in the United States, foreign or domestic, must file a corporate tax return. You cannot exempt yourself from the Tax Code. A US C-corporation files Form 1120; a foreign corporation files Form 1120-F.
Various tax treaties do exempt different types of income from different countries. Additionally, most countries allow a credit for taxes paid to other countries. However, there is no tax treaty between the US and Antigua. An Antiguan company doing business in the United States is required to file a form 1120-F with the IRS.
-- Russ Fox
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