888 Confirms €8.7 Million Spanish Tax Settlement

Online gaming operator 888 today confirmed it would make a one-off payment to Spanish authorities to settle its back taxes from January 2099 to May 2011.

The payment – €7.4 million with surcharges and interest of up to €1.3 million – will come from 888’s €26 million in cash resources and should set the company up for obtaining a licence when the first trance are awarded on Friday.

In a statement 888 said, “Following this payment, 888 believes that it has fulfilled all requirements necessary to receive a Spanish eGaming licence, with awards set to begin at the start of June.”

The probability of receiving a licence was echoed by analyst Daniel Stewart & Co. which said, “…we expect 888 will be one of several operators receiving an eGaming licence from the newly regulated Spanish market on 1 June 2012 (Friday).

“The news should be well received by the market as Spanish derived revenues changes into regulated revenues and we expect the market to rate revenues accordingly.”

Post a Comment

Messages that harass, abuse or threaten other members; have obscene or otherwise objectionable content; have spam, commercial or advertising content or links may be removed and may result in the loss of your Card Player Account. Please do not post any private information unless you want it to be available publicly. Never assume that you are completely anonymous and cannot be identified by your posts.

 

Your Comment

 

 

Have an account? Please sign in.

User Name:

 

Password:

 

Remember Me

 

OR

 

Lost User Name or Password?
Need an account?

 

Most Viewed Articles