Maltese online casino and sportsbetting platform innovator, Aspire Global, has announced the signing of an agreement that is to see it pay some €13.7 million ($15.2 million) to the Israeli Tax Authority so as to settle an outstanding tax dispute.
The Stockholm-listed firm used an official Tuesday press release to declare that the deal covers the eleven fiscal years to 2018 and relates to a previously disclosed tax audit concerning the earlier ‘management and control jurisdiction, permanent establishment and transfer pricing among the group entities.’
Examinations end:
Aspire Global has an office in Israel and stated that the arrangement involves ‘the entirety’ of its activities in the Mediterranean nation with no further penalties and brings to a conclusion ‘all related investigations’ into its business.
Extraordinary entry:
Established in 2005, Aspire used the short press release to additionally proclaim that it expects to make the arranged tax settlement payment ‘in the next couple of days’ with the amount to be listed as ‘an exceptional item’ within its accounts for 2019.
Read a statement from the company…
“The audit has been mentioned in the financial notes and risk management sections of the 2018 annual report, interim reports and the prospectuses related to the initial public offering and bond issue. The settlement with the Israel Tax Authority was actively chosen over a lengthy period of uncertainty.?The group’s financials remain strong despite the agreement and per September 30 cash amounted to €43.1 million ($48 million).”
Successful cycle:
Aspire reported a 16% year-on-year increase in third-quarter revenues to €33 million ($36.7 million) in November before revealing a month later that a $320,781 fine levied against its AG Communications Limited in Sweden had been significantly reduced.