ZEAL’s MyLotto24 granted €9.6m tax refund in Spain – igamingbusiness

ZEAL’s MyLotto24 granted €9.6m tax refund in Spain – igamingbusiness

ZEAL Network has revealed that its MyLotto24 subsidiary has received a refund of €9.6 million ($10.5 million) from the Spanish Tax Authority.

In a statement confirming the refund, ZEAL said that the funds relate to a lottery tax withheld at source on a large jackpot payout.

ZEAL also noted that the payout will have a corresponding positive impact on both the total operating performance and earning before interest and tax for its consolidated income statement for the year ended December 31, 2015.

Meanwhile, ZEAL has announced that following assessment of the viability of the business plans for Geonomics Global Games Limited and its subsidiary Geo24 UK Limited, the company has concluded that it no longer supports the carrying value of ZEAL’s investment in Geo.

As a result, ZEAL said that a non-cash charge of €19 million will be recorded in its consolidated income statement for the year ended December 31, 2015, with this charge reducing net profit by the same amount.

The residual carrying value of ZEAL’s investments in Geo is €0 as of December 31, 2015.

Source: ZEAL’s MyLotto24 granted €9.6m tax refund in Spain