 |
|
|
 |
|
| |
|
| Lowtax Network Sites |
| Lowtax Network Portal:
'Low-tax' business and investment in the top 50 jurisdictions covered in
exceptional detail. |
| Tax News: Global
tax news, continuously updated through the day. |
| Investors Offshore:
The independent offshore and alternative investment guide for expatriates
and the globally aware investor. Sponsored by HSBC
Bank International. |
| Law & Tax
News: Daily news and background data on tax and legal developments
for international business. |
| Offshore-e-com:
A topical guide to offshore e-commerce focused on tax and regulation. |
| Lowtax Library:
One of the web's largest and most authoritative business and investment
information sources. |
| US Tax Network:
The resource for free online US taxation information, covering: corporate
tax, individual tax, international tax, expatriates, sales and e-commerce
tax, investment tax. |
| Personal
Business Tax Guide: Providing essential tax news and information
on business for contractors, entrepreneurs, professionals, small businesses,
artists, sportspersons and entertainers. |
| Offshore Trusts
Guide: OTG publishes news, features and newsletters on the use of
offshore trust structures. |
| TreatyPro: Online
tax treaty resource. |
|
|
| PartyGaming Concludes Non-Prosecution Agreement With US Authorities |
by Phillip Morton, Investors Offshore.com
Friday, April 17, 2009
A leading Gibraltar-based online gaming company Partygaming has announced the conclusion
of its court case with US authorities; Partygaming has entered into a Non-Prosecution
Agreement with the US Attorney’s Office for the Southern District of New
York (USAO).
Under the terms of the Non-Prosecution Agreement, the USAO will not prosecute
PartyGaming Plc or any of its subsidiaries for providing internet gambling services
to customers in the US prior to the enactment of the Unlawful Internet Gambling
Enforcement Act (UIGEA) on 13 October 2006. As part of the agreement, the Company
has accepted a Statement of Facts regarding its business activities prior to
the enactment of the UIGEA and has agreed to pay USD105m, payable in semi-annual
instalments over a period ending on September 30, 2012. Such payments will
be made from the Group’s existing financial resources.
PartyGaming has entered into a Statement of Facts regarding its activities
prior to October 13, 2006. Key elements of the agreement and factual background are as
follows:
- From 1997 until October 13, 2006, PartyGaming offered internet gaming to
players located in the US, including real-money poker and casino gaming. On
October 13, 2006, the day the UIGEA was enacted, the Group voluntarily exited
the US market.
- Prior to 13 October 2006, certain of the US customer transactions intended
for PartyGaming that were processed by third parties, and other gaming and payment-related
activity, were contrary to certain US laws.
- PartyGaming has agreed to maintain, with respect to its operations, a restriction
preventing internet gambling services from being provided to customers in the
US in violation of the prevailing law of the US or any jurisdiction within the
US.
- If requested by PartyGaming, the USAO will bring the co-operation and remedial
actions of PartyGaming to the attention of other licensing and regulatory authorities.
Commenting on the announcement, Jim Ryan, Chief Executive Officer said:
“The resolution of our position with the US authorities marks an important
day for PartyGaming. It has been a long and complex process but we have reached
an amicable solution with the USAO that makes commercial sense for our business
and is in the best interests of shareholders. We are now well-placed to seize
organic as well as strategic opportunities that previously were beyond our reach.”
.
|
|
|
|
| THE LOWTAX LIBRARY
One of the web's largest and
most authoritative business and investment information sources. Alongside
topical, daily news on worldwide
tax developments, you can receive weekly newswires or
access up-to-date intelligence
reports on a range of legal, tax and investment subjects.
FREE TRIAL NEWS SUBSCRIPTION
Our 16 constantly updated
intelligence reports cover every important aspect of 'offshore' and international
tax-planning in depth, including banking secrecy, the EU's savings tax
directive, offshore funds, e-commerce, offshore gaming and transfer pricing.
Reports are available for immediate downloading or as subscription
services with news pages.
|
|
 |
|
LAWANDTAX-NEWS.COM
