Swedish Tax Agency announces preliminary notice of tax reassessment
Net Entertainment finds the Swedish Tax Agency’s opinion unfounded and will appeal a potential decision if such is made in-line with the Swedish Tax Agency’s preliminary notice.
After a tax audit in Net Entertainment NE AB concerning fiscal years 2007-2010, the Swedish Tax Agency has announced a preliminary opinion, a so called audit memorandum. The Swedish Tax Agency is considering imposing Net Entertainment additional tax of us$ 10 million and that tax surcharge shall be applied amounting to us$ 3 million.
The Swedish Tax Agency does not give certain agreements between companies within the Net Entertainment Group the same legal interpretation and economic substance as Net Entertainment. Net Entertainment does not share the Swedish Tax Agency’s opinion and insists that the firm complies with applicable laws for taxation of the company’s business.
A decision from the Swedish Tax Agency is estimated to be announced before the end of 2012. In the case where the Swedish Tax Agency maintain their view and decides in accordance with the preliminary notice, Net Entertainment will appeal the decision.
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