Tullow Oil disappointed over ICC ruling on US$196.5m Ghana tax dispute
By Ashiadey Dotse Tullow Oil says it is disappointed with a ruling by the International Chamber of Commerce (ICC) in London concerning a US$196.5 million corporate tax assessment on its operations in Ghana. The tribunal has ruled that the tax assessment by the Ghana Revenue Authority (GRA) does not violate the petroleum agreements between Tullow […]
Tullow Oil has expressed disappointment over a recent ruling by the International Chamber of Commerce (ICC) regarding a US$196.5 million corporate tax dispute in Ghana. The tribunal concluded that the Ghana Revenue Authority's assessment of taxes on Tullow's operations does not breach the petroleum agreements between the company and the Ghanaian government.
The conflict centers around revenue generated during a Business Interruption Insurance Policy period from 2016 to 2019. Tullow will now consult with the Ghanaian government before determining its subsequent actions. The ICC also dismissed the 100% penalties imposed on Tullow, stating they are beyond the contractual protections under the company's petroleum agreements with Ghana.
This marks a significant turn in the ongoing tax dispute between Tullow and Ghana's tax authorities.
Written by urgent.news from GBC Ghana's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
This story
This is one outlet's version. Read the fullest account.
