US Scraps Withholding Tax Law
By philip
In a move welcomed by the industry, Washington has passed legislation which effectively eliminates the 30% withholding tax charged on foreign winnings on US racing. The provision, in the United States American Jobs Creation Act of 2004 which was signed by George Bush on 22 October, has been praised in particular by global online gaming group,, which says the development will ‘open up significant global strategic opportunities for the Pari-Mutuel business’.

BetInternet, based in the Isle of Man, believes that itself and other companies will benefit as ideal service providers for US Tracks wishing to go international. Paul Doona, Managing Director, said: “The passing of this Bill opens up the opportunity for host tracks and content providers to globalise their product. As a result of the excellent regulatory framework within which we operate and the technical infrastructure and expertise available to us, we are in a perfect position to help them achieve this expansion.”

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