Tax refund windfall For CentreBet

Thursday August 18,2011 :  TAX CASE COULD SUPPLY A BOOST TO CENTREBET
 
A$90.7 million refund of sales tax in prospect
 
The Australian media are reporting that a possible tax refund windfall could be in sight for the Aussie online betting firm Centrebet.
 
The company has been pursuing a refund of sales tax worth A$90.7 million through the federal courts, and this week issued a statement claiming that it has been advised by the Commissioner of Taxation that he has decided not to appeal against an earlier and similar case won by fellow betting company Sportsbet.
 
"Further, the commissioner's solicitors have informed Centrebet Pty Ltd that they are instructed that he will not re-argue the issues in the Centrebet proceedings," the statement advises.
 
The Sportsbet litigation involved a refund claim on GST paid between 2005-2009 amounting to some A$36 million.
 
Both Australian companies have been the subject of acquisition moves by Paddy Power (Sportsbet) and Sportingbet (Centrebet).