Net Entertainment To Fight Extra Tax Decision

NET ENTERTAINMENT TO FIGHT EXTRA TAX DECISION

03rd January, 2013 at 02:03:06
Source: http://www.azonlinecasinos.com

Online gambling software firm maintains that the Swedish Tax Agency's decision is unfounded and will appeal the decision.

The decision of the Swedish Tax Agency to impose additional taxes on internet gambling software developer Net Entertainment NE AB has prompted the company to launch an appeal against the ruling, claiming the taxman's decision is "unfounded" and announcing that it is to appeal.

After a tax audit in Net Entertainment NE AB concerning fiscal years 2007-2010, the Swedish Tax Agency announced its decision to impose additional taxes in the amount of approximately 92.1 million Swedish Kroner. The amount that was previously announced was 88.1 million SEK; the difference is due to an error in the previous audit memorandum from the Swedish Tax Agency and imposed interest.

The Swedish Tax Agency states in its decision that the transfer pricing that has been applied between the Swedish based parent company Net Entertainment NE AB and the Malta-based operations is not motivated. Thus, the Swedish Tax Agency gives certain agreements between companies within the Net Entertainment Group a different legal interpretation and economic substance to that reached by NetEnt's expert advisers PricewaterhouseCoopers and the law firm Lindahl.

Net Entertainment accordingly disputes the assessment of the Swedish Tax Agency, along with the financial sums involved as it relates to the income tax adjustment and the tax surcharges.

The company insists that it has followed applicable laws for taxation of its operations, which is also supported by the experts that it has consulted on the subject.

Net Entertainment sales, market and product strategic functions as well as customer support and hosting is based in Malta, where it has a licence to conduct business, while the group's facilities for development are based in Sweden.

Net Entertainment claims it pays taxes according to the applicable laws, and based on the operations that are conducted in each country respectively.

Related News Tags: , , ,



« News index »



MPN FLAGS MALTA TOURNAMENT

29th March, 2017 at 19:48:16
Euro 150,000 guaranteed prize pool.

SWEDISH GOVERNMENT'S ONLINE GAMBLING STUDY GROUP TO DELIVER FINDINGS THIS WEEK (Update)

29th March, 2017 at 19:48:16
Reliable sources tell Reuters news agency that the investigating panel is likely to advise the scrapping of the monopoly system.

NETENT DELIVERS ROBUST FULL YEAR RESULTS

29th March, 2017 at 15:16:22
UK becomes largest geographical market for the first time in December.

KOTIKASINO LAUNCH ON GLOBAL GAMING PLATFORM

28th March, 2017 at 11:21:29
First operator live on upgraded proprietary platform.

NEW ONLINE SLOT FROM QUICKSPIN ON THE WAY

25th March, 2017 at 08:38:18
Sakura Fortune set for release April 11.