Sports betting firm Playtech to pay £25m to Israeli tax authorities
search

The latest Jewish News

Read this week’s digital edition

Click Here

Sports betting firm Playtech to pay £25m to Israeli tax authorities

Gambling software development company will pay the hefty sum following a civil tax audit covering 2008-17

An odds boards at a race and sports book. Wikimedia Commons/Author: Baishampayan Ghose
An odds boards at a race and sports book. Wikimedia Commons/Author: Baishampayan Ghose

Playtech has agreed to pay Israeli tax authorities 28 million euros (£25 million) following an audit that probed 10 years of accounts.

The FTSE 250-listed gambling software development company said that, following a civil tax audit covering 2008 to 2017, the country has made “transfer pricing adjustments” relating to Playtech’s activities in Israel.

As a result, Playtech will stump up the cash and no penalties will be imposed as a result of the audit.

The additional tax charge will be reflected as an exceptional item in Playtech’s 2018 accounts and payment is expected to be made in the next 30 days.

The news comes just days after Playtech warned it will take an earnings hit of up to 25 million euros (£22.5 million) in 2019 due to new Italian gambling taxes.

The Italian Senate recently passed the country’s 2019 budget, which includes tax rises on gambling activity.

Playtech’s full-year guidance, which was for adjusted earnings of 320 million euros to 360 million euros (£287.7 million to £323.6 million) as of November, remains unchanged.

Help perform the greatest mitzvah: save a life

While life in Israel has returned to normal and hopes are high that Britain is set for a summer without restrictions thanks to vaccines, for billions around the world there is no such imminent light at the end of the tunnel. In the majority of countries around the globe, particularly the poorest, the vaccine rollout has barely kicked off.

That's why Jewish News, the leading source of news and opinion for the entire UK community, is throwing its full weight behind UNICEF’s VaccinAid campaign by using this platform usually reserved for encouraging donations towards our own journalism to instead urge our readers around the globe to perform the greatest mitzvah: saving a life.

We have never before done this for any charity fundraiser but it's hard to recall a campaign that affects so many people, and indeed an entire planet aching for a return to normality. Just like the Chief Rabbi and Rachel Riley, we hope to boost the mission to deliver two billion vaccines, 165 million treatments and 900 million test kits around the world by the end of this year.

Please donate as much as you can, in the spirit of the Talmudic sages: “to save one life is to save the world entire”

read more:
comments