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Paddy Power & Centrebet to receive tax refunds in Australia

18th August 2011 9:29 am GMT

Shares in Centrebet International Limited soared by more than 8 per cent this morning after the Australian Tax Office (ATO) confirmed that it does not intend to appeal a decision by the Federal Court relating to overpaid goods and services tax (GST), with Centrebet claiming a tax refund of AUD$90.7m and rival operator Paddy Power receiving $36m.

Paddy Power said that the refund relates to GST paid by its Australian subsidiaries, Sportsbet and IAS, between October [...]

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