Ghana wins US$393m Tullow tax arbitration
Ghana has won an international tax arbitration dispute with Tullow Ghana Limited after an arbitral tribunal ruled in favour of the Republic and upheld a US$393.09 million tax assessment against the oil producer. The tribunal, constituted under the Rules of Arbitration of the International Chamber of Commerce (ICC), delivered its award on Tuesday, September 29, […] The post Ghana wins US$393m…
Ghana has won a US$393 million international tax arbitration dispute against Tullow Ghana Limited, with a tribunal ruling in favor of the country. The tribunal, operating under the International Chamber of Commerce rules, dismissed all claims brought by Tullow and upheld a tax assessment of US$393,091,993.70 by the Ghana Revenue Authority (GRA).
The assessment, which was determined to be lawful and not time-barred, did not breach the Petroleum Agreements between Ghana and Tullow. Ghana's Minister of Finance, Dr Ato Forson, hailed the victory, stating that it vindicated Ghana's position that companies operating in the country are subject to its laws. The government emphasized that the award would be implemented in a way that preserves Tullow's ability to continue operating and investing in Ghana's Jubilee and TEN fields, which are vital to the nation's energy security and livelihoods.
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- Ghana wins $393m Tullow tax arbitration as tribunal upholds GRA assessment myjoyonline.com
- Ghana wins US$393m Tullow tax arbitration – Ato Forson gbcghanaonline.com
- Ghana wins ICC arbitration against Tullow over US$393m tax assessment adomonline.com
- Ghana wins $393m tax arbitration against Tullow Oil, international tribunal upholds GRA's tax assessment 3news.com
- Ghana wins $393M tax dispute against Tullow – Finance Minister starrfm.com.gh
