NetEnt secures victory in Swedish tax case

10 March 2016

NetEnt has claimed victory in a legal case against the Swedish Tax Agency, after the Administrative Court of Appeal ruled in favour of the digital casino specialist and awarded it SEK 1.8 million (€193,800/$212,700) in compensation.

The ruling relates to a case in which the authority imposed additional taxes of approximately SEK 94.4 million on NetEnt with regards to the financial years 2007 to 2010.

The figure represented the amount that NetEnt reported as contingent liability during the course of the dispute.

NetEnt upheld that it complied with applicable laws for taxation of its various operations and had not made any provisions in relation to the dispute.

With the ruling having been made in favour of NetEnt, the company said the decision will not impact its reported earnings or financial position, apart from the compensation rewarded for legal costs.

Meanwhile, NetEnt has signed up to become an associate member of the World Lottery Association (WLA), an organisation that includes various state lottery and gaming organisation from more than 80 countries around the world.

As an associate member, NetEnt said this could help support future growth for the company as a supplier to WLA members.

Per Eriksson, president and chief executive of NetEnt, said: “Online casino is about entertainment and excitement and the WLA associate membership is an important quality stamp to NetEnt as we are committed to safe and responsible gaming.

“NetEnt’s strategy is to expand on regulated markets and becoming associate members of WLA is a significant step for us as we grow our presence further in this important market segment.”

Related article: NetEnt unveils significant revenue, profit growth for 2015