iGaming supplier Aspire Global Group has agreed to pay €13.7m ($14.6m) in retroactive tax to the Israeli authorities.
The company reached the agreement with the Israeli Tax Authority (ITA) to cover tax owed for the fiscal years from 2008-2018. In return for agreeing to pay the tax immediately, the ITA has said it will end its investigations into the company.
The ITA had been investigating Aspire’s management and control jurisdiction, after a previous tax audit raised concerns.
In an official statement, Aspire said it had chosen to pay the tax to avoid what could be a “lengthy period of uncertainty”, noted that no penalties will be imposed on it, and said the tax will be recorded as an exceptional item in the company’s 2019 accounts.
The statement also said that:
“The group’s financials remain strong despite the agreement and per 30 September, cash amounted to €43.1m.”
The group also reported strong Q3 figures in November, with revenue growing 16% year-on-year, to €33m ($36.9m).