February 13, 2019 / 5:39 PM / 3 days ago

Paddy Power Betfair to challenge 55 million euros in tax bills

DUBLIN (Reuters) - Paddy Power Betfair is to challenge tax bills from Germany and Greece worth a combined 55 million euros (49 million pounds), the bookmaker said on Wednesday.

A German court has ordered the firm to pay 40 million euros in relation to Betfair Exchange, which operated in Germany until November 2012, it said in a statement.

Separately the firm has been served with a Greek tax bill of 15 million euros for 2012-14.

“The Group strongly disputes the basis of these assessments, and in line with the legal and tax advice we have received, is confident in our grounds to appeal,” Paddy Power Betfair said in a statement. “We therefore intend to do so.”

The firm is forecasting underlying core earnings of 465-480 million pounds for 2018, excluding losses at its newly merged U.S. sports betting business. It is due to publish its annual results on March 6.

Reporting by Conor Humphries; editing by David Evans

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