Paddy Power Betfair to appeal penalty of €55 million
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Paddy Power Betfair has announced that it will appeal against the tax bill of €55m slapped against its German and Greek businesses.
The first fine of €40m concerns the Betfair Exchange in Germany, which was operational up to November 2012, while the second of €15m relates to the paddypower.com business in Greece.
The Hessen Fiscal Court provided Paddy Power Betfair with a decision relating to the group’s appeal of a 2012 German tax assessment relating to the Betfair Exchange. The Fiscal Court found against the Group and deemed that a tax liability of €40m is payable, including accrued interest.
Paddy Power Betfair says this represents a multiple of the revenues generated by the Exchange during the assessment period. Separately, the group was recently issued with a Greek tax assessment for financial years 2012, 2013 and 2014, relating to paddypower.com’s Greek interim license.
Paddy Power Betfair stated: “The Group strongly disputes the basis of these assessments, and in line with the legal and tax advice we have received, is confident in our grounds to appeal. We therefore intend to do so. Pending the outcome of these appeals, we paid the total Greek liability in January 2019 while we await clarity with respect to the timing of any cash payment in Germany.”
Source: Latest News on European Gaming Media Network
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