01/05/2012 : Australian tax authorities settle litigation
British gambling firm Sportingbet PLC's subsidiary Centrebet will receive a welcome boost from the Australian Taxation Office amounting to around A$91 million following a settlement agreement signed late last month, reports the Sydney Herald.
Centrebet initiated court action prior to its acquisition by Sportingbet against Australian tax authorities over what is termed as a ‘global GST' dispute calculated on money wagered less winnings paid out. Authorities failed to include prizes paid out in their calculations involving offshore players.
While the firm was confident of a win following legal judgments in favour of Sportsbet and International All Sports (IAS) over the same GST issue, the news will undoubtedly please shareholders.
The consent agreement filed by the Commissioner of Taxation was signed off by Justice Jayne Jagot on December 20, 2011.