Tullow Oil disappointed as ICC tribunal upholds Ghana’s tax assessment
Tullow Oil plc has expressed disappointment after an International Chamber of Commerce (ICC) tribunal upheld Ghana’s $196.5 million corporate income tax assessment relating to insurance proceeds received by the oil producer between 2016 and 2019.
Tullow Oil has expressed disappointment with the recent ruling by the International Chamber of Commerce in London regarding its corporate income tax assessment for operations in Ghana from 2016 to 2019. The company stated in a notice to investors and shareholders that it will now consider its next steps following further engagement with the Ghanaian government.
Tullow Oil mentioned that it will update the market on its next course of action at a later time. The firm is aware of the ICC ruling that awarded US$196.5 million in corporate tax assessment, which pertains to funds received by Tullow Oil during its financial operations from 2016 to 2019 under a Business Interruption Insurance Policy.
The company also acknowledges the court ruling that Ghana's Revenue Authority tax on its operations does not breach Ghana's Petroleum Agreements. Additionally, the Tribunal determined that the assessment of 100% penalties falls outside the scope of the contractual protections in Tullow's Petroleum Agreements.
Written by urgent.news from MyJoyOnline Ghana's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
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