Online gaming and also financial trading business Playtech PLC (LON: PTEC) has notified that it has agreed an arrangement with the Israeli tax authorities recently.
The firm shared that following a civil tax audit covering the 10 fiscal years 2008 to 2017 (inclusive), the Israeli tax authorities have made transfer rates adjustments in relation to specific features carried out by the Playtech team in Israel throughout this period.
The Playtech team reached an agreement with the Israeli tax authorities on 31st December 2018 as adheres to:
for the years 2008 to 2017, the Playtech group
-will pay an additional tax obligation of about EUR28 million;
– no fines are to be enforced as a result of the audit; and also
– the agreement covers the entire activity of Playtech in Israel.
This additional tax cost will be shown as an extraordinary item in Playtech’s 2018 accounts and also settlement is expected to be made in the next 1 month.”