Ghana wins $393m Tullow tax arbitration as tribunal upholds GRA assessment
Ghana has secured a major victory in an international tax arbitration case involving Tullow Ghana Limited, with an arbitral tribunal ruling in favour of the Republic over the taxation of business interruption insurance proceeds.
Ghana has triumphed in a significant international tax arbitration case against Tullow Ghana Limited, with an arbitral tribunal ruling in favor of the Republic. The tribunal dismissed all claims brought by Tullow and upheld the Ghana Revenue Authority's assessment of $393,091,993.70 for business interruption insurance proceeds. The Minister for Finance, Dr Cassiel Ato Forson, announced the favorable decision, stating that the assessment complied with the Petroleum Agreements, the penalty was appropriately applied, the assessment was not time-barred, and the Ghana Revenue Authority's enforcement action was lawful.
Dr Forson emphasized that the ruling vindicates Ghana's position that all companies operating in the country must adhere to Ghanaian laws. The government pledged to implement the award in line with Ghanaian law while ensuring Tullow's ability to continue operating and investing in the Jubilee and TEN fields.
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