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929 Government St., Baton Rouge, LA 70802 / P. O. Box 2231, Baton Rouge, LA 70821 Tel. #800.535.8110 / Fax # 225.343.1747 www.gilico.com GIL ICO Contract Checklist Items 1 8 Must Be Returned to GIL
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What is gilico?
Gilico stands for Global Intangible Low-Taxed Income, which is a tax principle used by the IRS to prevent corporations from shifting profits to low-tax jurisdictions.
Who is required to file gilico?
U.S. corporations that own foreign subsidiaries are required to file gilico with the IRS.
How to fill out gilico?
Gilico can be filled out using Form 8992 and attached to the corporation's tax return.
What is the purpose of gilico?
The purpose of gilico is to prevent profit-shifting by taxing income earned by foreign subsidiaries at a minimum rate.
What information must be reported on gilico?
Information such as income earned by foreign subsidiaries, deductions, and taxes paid must be reported on gilico.
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