888 Pays Up On Spanish Gambling Retro-tax

888 PAYS UP ON SPANISH GAMBLING RETRO-TAX

28th May, 2012 at 03:10:01
Source: http://www.azonlinecasinos.com

Group will pay a total of Euro 8.7 million from its cash on hand

888 Holdings has become the latest major online gambling company to comply with the Spanish taxman's demand for back-taxes, falling into line with other top companies like Bwin. Party, Sportingbet and Betfair in the hope of securing licenses to operate in the Spanish market on June 1.

A stock exchange statement from the company Monday reveals that it has completed a self-assessment tax return and made a one-off payment of Euro 7.4 million in addition to surcharges and interest expected to be up to Euro 1.3 million, all from its cash resources.

The group has been paying gaming duty in respect of its Spanish operations since May 2011.

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