Paddy Power Betfair to challenge €55 million tax bill

Business News

Paddy Power Betfair has been stung with a 55 million euro (£49 million) tax bill in Greece and Germany.

The bookie said a German court found it owes £36million related to a 2012 tax assessment of Betfair Exchange, which operated there until November that year.

It was also hit with a demand for taxes from 2012, 2013 and 2014 financial years which it said was related to paddypower’s interim licence in Greece.

This found that the company owes £13million in taxes, which it said is much higher than the total revenue it earned in the country.

Paddy Power has paid up in Greece, where it is seeking to recover the cash.

It said: ‘The group strongly disputes the basis of these assessments, and in line with the legal and tax advice we have received, is confident in our grounds to appeal. We therefore intend to do so.

‘Pending the outcome of these appeals, we paid the total Greek liability in January 2019 while we await clarity with respect to the timing of any cash payment in Germany.’

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