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Aspire Global hit with hefty tax bill in Israel

Aspire Global Group has been ordered to pay €13.7m ($14.6m) in retroactive tax in Israel.

AspireGlobal

This is after the supplier reached an agreement with the Israeli tax authority (ITA), for the fiscal years between 2008-2018, bringing an end to all related investigations.

The payment relates to a previously disclosed tax audit linked to an investigation into Aspire’s management and control jurisdiction; the firm says the sum will be paid imminently.

Supplier Aspire, which specialises in providing gaming solutions, said in a statement no penalties will be imposed as a result of the audit and the tax charge will be noted as an exceptional item in the organisation's accounts for 2019.

The statement added: "The settlement with the ITA was actively chosen over a lengthy period of uncertainty.

"The group’s financials remain strong despite the agreement and per 30 September, cash amounted to €43.1m."

Aspire also had a self-exclusion breach fine reduced to SEK3m ($320,781) last month, which was issued to its Swedish subsidiary.

In November, the supplier reported a 16% year-on-year revenue increase for Q3 to €33m ($36.9m).

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