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Playtech to pay back taxes

The gambling software specialist has reached an agreement with Israeli authorities
January 2, 2019

Gambling software group Playtech (PTEC) has agreed to pay €28m (£25.2m) back in taxes to Israeli authorities following a civil tax audit covering the 10 fiscal years from 2008 to 2017.

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The reason being that the Israeli tax authorities have made transfer pricing adjustments relating to certain functions performed by Playtech in Israel during that period. No penalties will be demanded as a result, and the back-dated figure covers all activities performed by the company in Israel. It will also be treated as an exceptional item in the group’s 2018 accounts and will be paid within the next 30 days.