Administrative Court of Appeal Ruling Favors NetEnt in Tax Dispute
Swedish provider of solutions for the international on-line casino industry NetEnt AB (publ) announced that a ruling from Sweden’s Administrative Court of Appeal is granted regarding the organization’s dispute using the country’s Tax Agency.
NetEnt’s previously filed appeal is approved by the Administrative Court of Appeal as well as an previous ruling by the Administrative Court is reversed. Under the latest ruling, the internet casino supplier would be given a SEK1.8-million settlement to cover the appropriate costs pertaining to the process that is ongoing. The company revealed that , neither its earnings, nor financial position would be affected at all.
NetEnt’s dispute aided by the nation’s income tax authority goes to January 2013, once the supplier announced that the Swedish Tax Agency had imposed extra fees of about SEK94.4 million for the time scale between 2007 and 2010 after having a tax review have been carried out. The company has reported the aforementioned sum as a contingent liability over the course of the legal dispute.
The agency explained an improper and insufficient motivation to its decision associated with the transfer prices between Net Entertainment NE AB, which is known to be located in Sweden, and its own Malta-located subsidiary.
Following that, Sweden’s tax authority offered an alternative solution interpretation to NetEnt’s advisers on various agreements inked between a few organizations inside the gaming group that is swedish. (more…)