Playtech to pay $32m additional tax to Israeli authorities
No penalties are to be imposed as a result of the audit and the agreement will cover the entirety of the Playtech group's activity in Israel.
By EYTAN HALONUpdated: JANUARY 2, 2019 21:16Approximately 170,000 Americans live in Israel. In total, more than one million U.S. citizens and green card holders – who both live overseas and own more than 10% of a foreign corporation – faced the prospect of paying the tax.(photo credit: REUTERS)
Gambling software firm Playtech will pay approximately $32 million in additional taxes to Israeli authorities following a civil tax audit covering a decade of activity, the company said on Wednesday.Founded in 1999 by Israeli-Cypriot multi-billionaire businessman Teddy Sagi, Playtech is a leading gambling hi-tech company that develops intelligence-driven gambling software, services, content and platform technology for a range of casinos and sports betting products.The company, listed on the London Stock Exchange, issued a statement stating that it reached an agreement on December 31 to pay additional taxes worth approximately $32 million covering the fiscal years 2008 to 2017 after Israeli tax authorities “made transfer pricing adjustments in relation to certain functions performed by the Playtech group in Israel during this period.”No penalties will be imposed as a result of the audit. The agreement will cover the entirety of the Playtech group’s activity in Israel. Payment is expected to be made in the next 30 days.In December, the company announced that Italian legislation to increase taxation on various types of gambling is expected to reduce their 2019 earnings before interest, taxes, depreciation, and amortization by approximately $23-$28.5 million.Playtech currently employs 5,800 employees across 17 countries including Israel, and is headquartered in the Isle of Man.
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