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Zeal Network adjusts dividend policy to cover potential VAT liabilities

27th January 2017 9:29 am GMT

Shares in online lottery broker Zeal Network slumped by more than 20 per cent in Frankfurt Friday morning after the company warned that its MyLotto24 subsidiary could face value-added-tax (VAT) liabilities in Germany.

Zeal confirmed that MyLotto24 has had initial discussions with German tax authorities about the classification of certain aspects of its secondary lottery business as electronically supplied services.

As part of this process, MyLotto24 expects to receive a VAT assessment from the tax authorities. It [...]

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