Amaya reaches settlement in Italian tax dispute

As part of the agreement, PokerStars, Amaya’s subsidiary, does not owe any additional taxes for the 2014 tax year.

Italy.- Toronto listed Amaya Inc has confirmed that it has paid €5.9 million (US$6.4 million) as a final settlement to the tax authorities in Italy in relation to an existing case over its PokerStars brand.

Italian gambling regulators had claimed that approximately €85 million (US$92.2 million) was owed by PokerStars in tax charges for servicing Italian operations between 2009 and 2014.

The company informed that “the agreement represents a final settlement of the matter and the payment includes all amounts owing to Italian authorities for the periods at issue. In addition, as part of the settlement the subsidiary does not owe any additional taxes for the 2014 tax year.”

The statement also explain that  “the entire settlement amount and related expenses have been paid from the escrow fund established under the merger agreement governing Amaya’s acquisition of the PokerStars business.”