Wednesday October 15,2014 : UK POC TAX GOOD FOR MYLOTTO24 LTD
No longer bound by duties on business derived outside of the UK from December 1, 2014
Tipp24 SE’s London-based MyLotto24 Limited is expecting a significant reduction in expenses when the UK Gambling (Licensing and Advertising) Bill and the ensuing place of consumption (POC) tax comes into force later this year.
The company said its MyLotto24 will no longer be bound by duty on its gross gambling yield derived from business outside of the United Kingdom as of December 1, 2014.
Had the new rules already applied to the gross gambling yield of the past four quarters, consolidated direct costs of operation would have been reduced by Euro 15.5 million with a corresponding positive effect on the EBIT, the company said.
Financial analysts consider a saving of Euro 20 million in 2015 entirely possible as the company’s share price leapt almost 30 percent this week.