Playtech agrees €28m Israel tax settlement

Playtech agrees €28m Israel tax settlement

Wednesday, January 2, 2019 Posted by News Team
Finance
Supplier will not face any penalties over tax audit conducted by Israeli authorities

London-listed Playtech has agreed to pay the Israeli tax authorities €28m following a civil tax audit. 

The settlement will see the supplier pay the sum to cover certain activities carried out in Israel by Playtech between 2007 and 2018, comprising 10 fiscal years. 

This was due to the tax authorities making a series of transfer pricing adjustments, meaning that the authority had disagreed with the arm’s length price used by Playtech for foreign transactions. 

As part of the settlement, Playtech will not incur any fines or other penalties resulting from the audit. 

The payment is set to be made in the next 30 days, and will be recorded as an exceptional item in the supplier’s 2018 results.

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