Amaya reaches settlement in Italian tax dispute

Amaya has reached an agreement regarding a tax settlement with authorities in Italy in relation to an existing case over its PokerStars brand.

The company said it has paid €5.9 million ($6.4 million) as a final settlement to resolve a previously disclosed tax dispute, in which Italian authorities estimated that approximately €85 million was owed by a subsidiary of Amaya related to its operations in the country under the PokerStars brand for the 2009-2014 tax years.

In a statement, Amaya said the agreement represents a final settlement of the matter and that the payment includes all amounts owing to Italian authorities for the tax periods in question.

Amaya also noted that, as part of the settlement agreement, the subsidiary does not owe any additional taxes for the 2014 tax year.

“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,” Amaya added.

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