Issuing a market filing, Frankfurt Xetra-listed betting group bet-at-home AG has disclosed to corporate investors that it anticipates paying €11.9 million tax back charges sanctioned by Austria’s tax authority.
The DACH region operator states that its tax demand is attached to its wholly-owned Austrian subsidiary ‘bet-at-home.com Entertainment, Linz, Austria’.
The Frankfurt betting group attributes its demand to Austrian tax audits undertaken for the periods of 2013-to-2018, underlining that it will owe approximately €11.9 million in relation to unpaid charges on ‘internal transfer pricings‘.
The audit of transfer pricings is a function related to valuing the cost of a corporation’s internal transactions undertaken by its subsidiary units, which can be audited under common ownership.
In its update, bet-at-home governance states that it will accept the Austrian tax authorities transfer pricing levels set between 2013-2018.
Moving forward, the Frankfurt enterprise underlines that it has changed its ‘intercompany invoicing’ procedures, which will now be attached to the group’s main trading subsidiary ‘bet-at-home.com Entertainment GmbH’.
Closing its corporate statement, bet-at-home anticipates incurred tax charges totalling €5.5 million for 2019 trading, which the company will move to reduce through its Malta subsidiary, aiming to reduce its year tax charges to €5 million.