ZEAL subsidiary myLotto24 successfully appeals VAT assessment

myLotto24 Limited, London, United Kingdom, a fully owned subsidiary of ZEAL Network SE, has successfully appealed the assessment of VAT relating to its former secondary lottery business in the year 2017 at the Fiscal Court of Hanover (Finanzgericht Hannover). This represents part of the total period for which VAT has either already been assessed or is expected to be assessed by the German tax authorities (January 2015 to mid-October 2019).

The written reasons for the ruling have not yet been provided to myLotto24 Limited. ZEAL expects that the tax authority (Finanzamt) Hanover-Nord will appeal the court decision.

In a previous ruling, the Fiscal Court had denied the request of myLotto24 Limited for a stay of execution without a security deposit regarding VAT assessed for the months of May and June 2018.

The effect of the two court decisions on the other relevant periods from January 2015 to mid-October 2019 will be the subject of already scheduled discussions between myLotto24 Limited and the competent tax authority (Finanzamt) Hanover-Nord.