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TAX REFUND BONANZA FOR RANK
The UK online and land gambling group Rank Group Plc could be in for a major windfall in the form of a tax refund following a decision this week by the VAT and Duties Tribunal, which has ruled that, from November 2003 at least, the UK's Value Added Tax treatment of certain types of gaming machine was inconsistent with European Union rules concerning fiscal neutrality.
This had resulted in an overpayment of VAT by Rank that could be as high as GBP 25 million.
Rank's claim for repayment of over-declared VAT was submitted to HM Revenue and Customs in 2005. It relates to the fact that, prior to December 2005, certain types of gaming machine were exempt from VAT while similar gaming machines were subject to VAT.
The company stresses that this week's ruling is an interim decision and a second stage of the litigation is scheduled for later this year. The Tribunal has indicated that there is a strong likelihood that the case will be referred to the European Court of Justice. As such it is unlikely that there will be any material benefit to Rank in the current year.
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Gambling News :
Phil Ivey Loses Borgata Casino -
Phil Ivey has lost in his four-year legal tussle with the Borgata over baccarat winnings; on Friday a US federal judge ruled that he and a companion violated New Jersey state gambling regulations in the manner in which they won nearly $10 million playing at the Atlantic City casino.
NYX Gaming in deal with Endemol -
"Endemol Shine’s IP will be a strong addition to the NYX portfolio of content and we look forward to working together to bring additional instantly recognizable brands to market.”
NEW CAMBODIAN GAMBLING LAWS -
After more than two years of debate and drafting, Cambodia may be closing in on final agreement regarding its proposed gambling law changes.
Playtech Acquires ECM Systems -
Online gambling soiftware provider Playtech plc has announced the acquisition of a ninety percent stake in UK bingo software developer ECM Systems for a consideration of GBP 14.9 million.
Marks and Spencer store Manager steals to Gamblie Online -
The Cambridge News reports that a 28-year-old manager of a Marks and Spencer store, Martin Trenor, has been jailed for three years for stealing GBP 254,538.11 in shop takings over the course of a year and spending it almost immediately at online gambling websites.
Chinese Gambling crackdown could damage high roller revenue -
Fast-moving events this week have seen Australian media reports quoting hundreds of millions of dollars wagered by Chinese high rollers in Aussie land casinos, offset to some extent by Crown claims that this whale gambler" demographic generates only 12 percent of turnover.
EvenBet Open Face Chinese Poker -
Open Face Chinese Poker online games provider EvenBet has reported that its Open Face Chinese Poker product is gaining traction with games recently integrated for desktop action at the Malta-licensed operational site Poker Grant.
2016 EPT Malta -
The European Poker Tour is off to a good start in Malta, with German pro Dietrich Fast claiming a well-earned Euro 174,000 main prize in the Euro 10,000 buy-in Single-Entry Rebuy event.
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