Administrative Court of Appeal Ruling Favors NetEnt in Tax Dispute
Swedish provider of solutions for the worldwide online casino industry NetEnt AB (publ) announced that a ruling from Sweden’s Administrative Court of Appeal has been granted concerning the company’s dispute utilizing the country’s Tax Agency.
NetEnt’s formerly filed appeal was approved by the Administrative Court of Appeal plus an earlier ruling by the Administrative Court was reversed. Under the latest ruling, the internet casino provider would receive a SEK1.8-million compensation to cover the legal costs related to the process that is ongoing. The organization revealed that , neither its earnings, nor financial position would be impacted by any means.
NetEnt’s dispute with all the nation’s income tax authority goes back to January 2013, when the provider announced that the Swedish Tax Agency had imposed extra taxes of about SEK94.4 million for the period between 2007 and 2010 after a income tax audit was conducted. During the period of the legal dispute, the company has reported the aforementioned amount being a contingent liability.
The agency explained its choice with an improper and inadequate inspiration associated with transfer prices between Net Entertainment NE AB, that will be considered to be located in Sweden, as well as its Malta-located subsidiary.
After that, Sweden’s tax authority provided an alternative interpretation to NetEnt’s advisers on various agreements inked between a few businesses within the gaming group that is swedish. Continue reading “Administrative Court of Appeal Ruling Favors NetEnt in Tax Dispute”