{"id":68306,"date":"2018-01-26T17:00:50","date_gmt":"2018-01-27T01:00:50","guid":{"rendered":"https:\/\/www.casino.org\/news\/?p=68306"},"modified":"2018-01-26T14:41:10","modified_gmt":"2018-01-26T22:41:10","slug":"gvc-shares-rocked-by-shocking-greek-tax-bill","status":"publish","type":"post","link":"https:\/\/www.casino.org\/news\/gvc-shares-rocked-by-shocking-greek-tax-bill\/","title":{"rendered":"GVC Shares Rocked by Shocking Greek Tax Bill"},"content":{"rendered":"

GVC Holdings has said it is taking legal advice following the arrival on its doorstep of a bill for almost quarter of a billion dollars from the Greek taxman.<\/p>\n

\"GVC
GVC tax bill from the Greek government is so eye-watering it reverberated on the London Stock Exchange. The company believes the government is trying it on and is confident in its grounds for appeal. (Image: GVC Holdings)<\/figcaption><\/figure>\n

The company, which is in the process of finalizing a $4 billion takeover of Ladbrokes<\/a>, was forced to disclose to shareholders that it had set aside $250,000 to pay the sum and additional penalties should its legal appeal fail. The revelation caused shares in both GVC and Ladbrokes to tumble on the London Stock Exchange.<\/p>\n

The tax bill relates to the operations of GVC subsidiary Sportingbet in 2010 and 2011, but the amount is \u201csubstantially higher by multiples of the total Greek revenue generated by the subsidiary,\u201d the company said in a filing on Thursday.<\/p>\n

\u201cThe board strongly disputes the basis of the assessment calculation, believing the assessed quantum to be widely exaggerated and is confident in the grounds of appeal,\u201d it added.<\/p>\n

Beware of Greeks Bearing Tax Bills<\/strong><\/h2>\n

Greece is struggling under the crippling burden of debt following the bailing out of its economy in the wake of the economic crisis. In February last year, the Greek government announced it owed $417.88\u00a0billion, largely to the International Monetary Fund (IMF), and sources at GVC believe this could have something to do with its recent mega-tax bill.<\/p>\n

This is a spurious and opportunistic claim made on the background of a Greek government desperate to pay its debts to the IMF,\u201d an anonymous source, described as \u201cclose to the company\u2019s leadership,\u201d told the <\/strong>Financial Times.<\/strong> <\/em><\/p><\/blockquote>\n

The source emphasized the bill would have no effect on the Ladbrokes takeover, but declined to comment further. A Ladbrokes spokesman echoed this position.<\/p>\n

\u201cWe performed tax and regulatory due diligence on GVC\u2019s international operations, including use of third party advice,\u201d he told the FT. \u201cWe remain confident in the views we formed at the time of the deal.\u201d<\/p>\n

FOBT Cap Will Affect Ladbrokes\u2019 Price<\/strong><\/h2>\n

What may impact the takeover, however, are recent reports that the UK government intends to reduce the maximum stakes on FOBTs from \u00a3100 to \u00a32.<\/a><\/p>\n

When the deal was announced in November, it was expected the government would decrease the maximum stakes to \u00a320 or \u00a330, with few believing it would even consider the most drastic option on the table.<\/p>\n

Ladbrokes, as the nation\u2019s biggest retail bookmaker since its own recent takeover of Gala Coral, is the most exposed to the fallout from the drop in stakes, and GVC is likely to revise its $4 billion evaluation, should the \u00a32 cap become a reality.<\/p>\n","protected":false},"excerpt":{"rendered":"

GVC Holdings has said it is taking legal advice following the arrival on its doorstep of a bill for almost quarter of a billion dollars from the Greek taxman. The company, which is in the process of finalizing a $4 billion takeover of Ladbrokes, was forced to disclose to shareholders that it had set aside […]<\/p>\n","protected":false},"author":42,"featured_media":68400,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[62,10,19,60,1074],"tags":[13570,13567,13568,13569,13571],"acf":[],"yoast_head":"\nGVC Shares Rocked by Shocking Greek Tax Bill<\/title>\n<meta name=\"description\" content=\"Meta: GVC receives a quarter billion-dollar tax bill from Greek government, calls it \u201cspurious and opportunistic\u201d but it won't impact Ladbrokes deal.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.casino.org\/news\/gvc-shares-rocked-by-shocking-greek-tax-bill\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"GVC Shares Rocked by Shocking Greek Tax Bill\" \/>\n<meta property=\"og:description\" content=\"Meta: GVC receives a quarter billion-dollar tax bill from Greek government, calls it \u201cspurious and opportunistic\u201d but it won't impact Ladbrokes deal.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.casino.org\/news\/gvc-shares-rocked-by-shocking-greek-tax-bill\/\" \/>\n<meta property=\"og:site_name\" content=\"Casino.org\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/Casino.OrgNews\" \/>\n<meta property=\"article:published_time\" content=\"2018-01-27T01:00:50+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2018-01-26T22:41:10+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2018\/01\/GVC-Holdings_Logo.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"740\" \/>\n\t<meta property=\"og:image:height\" content=\"400\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Casino.org Staff Writer\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@Casino_Org\" \/>\n<meta name=\"twitter:site\" content=\"@Casino_Org\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Casino.org Staff Writer\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.casino.org\/news\/gvc-shares-rocked-by-shocking-greek-tax-bill\/\",\"url\":\"https:\/\/www.casino.org\/news\/gvc-shares-rocked-by-shocking-greek-tax-bill\/\",\"name\":\"GVC Shares Rocked by Shocking Greek Tax Bill\",\"isPartOf\":{\"@id\":\"https:\/\/www.casino.org\/news\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\/\/www.casino.org\/news\/gvc-shares-rocked-by-shocking-greek-tax-bill\/#primaryimage\"},\"image\":{\"@id\":\"https:\/\/www.casino.org\/news\/gvc-shares-rocked-by-shocking-greek-tax-bill\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2018\/01\/GVC-Holdings_Logo.jpg\",\"datePublished\":\"2018-01-27T01:00:50+00:00\",\"dateModified\":\"2018-01-26T22:41:10+00:00\",\"author\":{\"@id\":\"https:\/\/www.casino.org\/news\/#\/schema\/person\/8c48bf89dc86da77b4d856c7b3b78d77\"},\"description\":\"Meta: GVC receives a quarter billion-dollar tax bill from Greek government, calls it \u201cspurious and opportunistic\u201d but it won't impact Ladbrokes deal.\",\"breadcrumb\":{\"@id\":\"https:\/\/www.casino.org\/news\/gvc-shares-rocked-by-shocking-greek-tax-bill\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/www.casino.org\/news\/gvc-shares-rocked-by-shocking-greek-tax-bill\/\"]}]},{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/www.casino.org\/news\/gvc-shares-rocked-by-shocking-greek-tax-bill\/#primaryimage\",\"url\":\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2018\/01\/GVC-Holdings_Logo.jpg\",\"contentUrl\":\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2018\/01\/GVC-Holdings_Logo.jpg\",\"width\":740,\"height\":400,\"caption\":\"GVC tax bill from the Greek government is so eye-watering it reverberated on the London Stock Exchange. 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