Once-Off Australian Tax Gain of Euro 26m (AUD36m)

RNS Number : 5956M

Paddy Power plc

18 August 2011

 



18 August 2011

Paddy Power plc                               

Once-Off Australian Tax Gain of €26m (AUD36m) 

Paddy Power has obtained a once-off tax gain of €26m (AUD36m) from the Australian Tax Office (ATO).  Approximately half of the gain is expected to be received as a cash refund later this year and half as a credit against Goods and Services Tax (GST) payable in future years.  The refund relates to GST paid by its Australian subsidiaries, Sportsbet and IAS, between October 2005 and October 2009.  The Federal Court in Australia ruled in favour of Sportsbet's and IAS' interpretation of the relevant GST legislation and the ATO has confirmed today that it does not intend to appeal the Court's decision.  The relevant legislation was amended in 2010 so the judgement does not impact future periods.

ENDS

18 August 2011

Issued on behalf of Paddy Power plc by Goodbody.  For reference:

Jack Massey

Finance Director

Paddy Power plc

Tel: + 353 1 404 5912

 

END

 

 

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