Netent Wins Tax Appeal (update)

Administrative Court of Appeal rules in online gambling software provider's favour

Swedish online gambling software provider NetEnt has won its long-running legal dispute with the Swedish taxman, announcing Thursday that a ruling from the Swedish Administrative Court of Appeal has approved NetEnt's appeal and reversed an earlier ruling by the Administrative Court and the Swedish Tax Agency's review.
NetEnt will receive SEK1.8 million in compensation for legal costs in relation to the dispute, but apart from this, the ruling will not have any impact on the company's reported earnings or financial position.
The ruling by the Administrative Court of Appeal concerns the Swedish Tax Agency's decision to impose additional taxes on NetEnt in the amount of approximately SEK 94.4 million with regards to the financial years 2007—2010, which is the amount that NetEnt has reported as a contingent liability during the course of the dispute.
NetEnt and its legal advisors have insisted that the company has complied with applicable laws for taxation of its operations, and has thus not made any provisions in relation to the dispute. Hence, the ruling will not impact NetEnt's reported earnings or financial position apart from the compensation for legal costs.

Online Casino News Courtesy of Infopowa