Playtech to pay 28 million euros following Israeli tax audit

[The Buzz]

Playtech will pay 28 million euros, or $32.16 million, under a settlement with Israeli tax authorities following an audit of its accounts for the years from 2008 to 2017.

From the Jerusalem Post:

The company, listed on the London Stock Exchange, issued a statement stating that it reached an agreement on December 31, 2018, to pay additional taxes worth approximately $32 million covering the fiscal years 2008 to 2017 inclusively 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 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. Payment is expected to be made in the next 30 days.

Read more here: https://www.jpost.com/Israel-News/Pl...orities-576119

[JoeHarris]

It sounds like a lot when you first see the figure but it's over 9 fiscal years so maybe not as painful as it first seems.

"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.”"

[illuminati]

I'm quite sure they can live with that. Their NET income was ~250m eur in 2017 which tells us a lot - first of all they've got good CPA's although not the best.

[Malikbhai]

Lesson for kids: Just be big enough to break the law for a settlement fine.

[sweetbet]

I wonder which affiliates are going to "help" pay the fine, or at least part of it.

[drifter8]

Affiliates always help in such issues likes fines, joint ventures, some misunderstandings or if someone does not comply to any rules It is sad, but it is always true!

Once you agree with the T&C of the affiliate program, you get a free shaving bonus for upcoming "stressfull" situations.

[Cardy007]

What this kind of thing happens - programs want to place blame on affiliates for the fines they are having to pay.