Italian gaming supplier GTECH, formerly Lottomatica, has agreed a €34.7m tax settlement with the Italian Tax Agency.

The dispute related to a number of issues including inter-company financing transactions related to the 2006 acquisition of GTECH, and a proceeding regarding Bingo in Italy between 2002 and 2004.

The company said in a statement last week that it had agreed to the settlement after taking into account “the lengthy legal process to resolve such controversies, the related costs that further disputes would create, and the uncertainty of their outcomes”.

It said, however, that the company had “not violated any norm or principle of the Italian tax system”.

As a result, GTECH will book total charges of €34.7m in 2013, having previously provisioned €6.3m.

Shares in GTECH S.p.A (Co. Data) (MIL:GTK) were trading up 0.54 per cent in Milan Thursday morning at €22.28 per share.

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