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Gtech SpA announces settlement of certain outstanding tax matters


Tuesday, 24 Dec 2013 04:21am EST 

Gtech SpA:Says it has reached an agreement with the Italian Tax Agency (Agenzia delle Entrate) for the settlement of certain tax matters regarding the company and one of its subsidiaries.Says, in particular, the tax matters relate to the corporate reorganization and subsequent restructuring of certain intercompany financing transactions related to the acquisition of Gtech in 2006.Says it also relates to the proceeding regarding the Bingo game in Italy during 2002-2004, and the acquisition of going concerns in the gaming machine sector during 2007-2008.Says the agreement involves total charges of 34.7 million in 2013, while 6.3 million have been previously provisioned by the company.Says the matters settled were of an interpretative nature.Says Gtech believes that the company and its subsidiary have not violated any norm or principle of the Italian tax system.Says it also should be noted that there are no precedents of jurisprudential practices or opinions which might indicate the presumed illegitimacy of their conduct.Says Gtech and its subsidiary have therefore agreed to settle the above-mentioned disputes taking into account the lengthy legal process to resolve such controversies, the related costs that further disputes would create, and the uncertainty of their outcomes. 

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