Aspire Global Group has announced that the firm has reached a retrospective €13.7m settlement with the Israeli Tax Authority. The matter regards a previously disclosed tax audit related to management and control jurisdiction, permanent establishment and transfer pricing among the group entities.
Stressing that “the resolution brings an end to all related investigations into the company,” the gaming solutions supplier has agreed to pay the €13.7m sum in retroactive tax relating to the 11 fiscal years 2008-2018.
The additional tax charge will be reflected as an exceptional item in the group’s accounts for 2019, with the agreement with the Israeli tax authorities meaning that:
- Aspire Global will pay an additional tax of approximately €13.7 million related to the 11 fiscal years 2008-2018 (inclusive).
- No penalties are to be imposed as a result of the audit.
- The agreement covers the entirety of the group’s activity in Israel.
In a media statement the firm commented: “This additional tax charge will be reflected as an exceptional item in the group’s accounts for 2019 and the payment is expected to be made in the next couple of days.
“The settlement with the ITA 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 €43.1m.”