The National Tax Board of Sweden has stated it now accepts the company's original deduction in its entirety. Consequently, the management at Getupdated now estimate that the previously reported financial risk of 13.2 million Swedish crowns for the group is now null and void. 

The decision from the National Tax Board of Sweden meant originally that approximately 42 million Swedish crowns in deductions were not approved, and that a tax surcharge of 4,178,739 million Swedish crowns was imposed. In the Q3 report the company communicated the appeal which had been lodged over the dispute but that the dispute comprised a financial risk to the group of at most 10 million Swedish crowns in taxation costs and surcharges. Furthermore, the purchasing party for the subsidiary the dispute concerned had demanded compensation of 3.2 million Swedish crowns due to the ruling from the National Tax Board of Sweden. The company has made no provisions for these disputes.

The management now judges the financial risk to have passed in its entirety. The statement today from the National Tax Board of Sweden means that their stance has been changed due to the further information provided by the company, and that they now concur with the company's view. Getupdated Internet Marketing AB shall therefore be taxed in accordance with the tax returns submitted and will be able to utilize approximately 42 million Swedish crowns in deficit deductions in future tax returns. Concurrently the tax surcharges are to be removed.  

For the decision to be final the county administrative court has to sanction the company's appeal in accordance with the statement from the National Tax Board of Sweden. The company judges this to be the course of action as the tax issue is no longer the subject of a dispute. The demand for compensation from the purchaser of the subsidiary in question is also judged to no longer be valid due to the statement made by the National Tax Board of Sweden today.

For further information, please contact:
Dan Sehlberg, CEO, +46 70 899 26 44
Håkan Juserius, CFO and deputy CEO, +46 70 669 48 88

GETUPDATED INTERNET MARKETING AB (publ)
Getupdated is a rapidly growing full-service provider on the market for Internet marketing and online communications. The company delivers products and services for marketing on the Internet in infrastructure, branding, traffic generation and conversion of visitors to real business. Getupdated can increase the profitability of your Internet investment using Internet strategies, communication, concept development, web and portal development, business systems, web design, e-commerce, communities, content management systems, advertising on the Internet, search engine optimization and affiliate networks.

Getupdated Internet Marketing’s clients are companies and organisations who want to reach out to their clients and do business on the Web. Since 1999 the company has helped many companies develop their web presence such as Tele2, Unibet, Intrum Justitia, Gustavsberg and JLindeberg.

Getupdated Internet Marketing has in total approximately 300 employees in Sweden, Great Britain, France and the USA. Getupdated Internet Marketing is listed on First North and has Erik Penser Bankaktiebolag as certified advisor.