Online sports betting group GVC Holdings is to appeal a Greek tax audit bill of €186.77m.
GVC says it “strongly disputes” the figure produced by a tax audit from the Greek Audit Centre for Large Enterprises, relating to a subsidiary operated in the country by Sportingbet between 2010 and 2011. GVC acquired Sportingbet in 2013.
GVC believes it is “substantially higher by multiples of the total Greek revenues generated by the subsidiary.” The group’s board has set aside €200m in its 2017 financial accounts as it enters an appeal process through the Greek courts.
“The board strongly disputes the basis of the assessment calculation, believing the assessed quantum to be widely exaggerated and is confident in the grounds of appeal,” GVC said in a statement.
Legal and tax advice from Greek professional advisers has set out “strong grounds to appeal”, according to the group, which has arranged a “payment scheme of around €7.8m a month over the next 24 months" with the authority in the interim.
