We are disappointed in ICC’s ruling over our corporate income tax assessment in Ghana – Tullow Oil
In a notice to its investors and other shareholders, it said, “Tullow is disappointed that the Tribunal has come to this decision and will now consider next steps after further engagement with the Government of Ghana”.
Tullow Oil has expressed disappointment over the International Chamber of Commerce's ruling in London concerning its corporate income tax assessment in Ghana from 2016 to 2019. The company announced in a notice to investors and shareholders that it is considering its next steps following further engagement with the Ghanaian government.
Tullow Oil is aware of the ICC's decision, which awarded US$196.5 million in corporate tax assessment related to "proceeds received by Tullow Oil during its financial operations from 2016 to 2019, under its corporate Business Interruption Insurance Policy." The firm also acknowledges the ruling, stating that the Ghana Revenue Authority's tax on its operations does not contravene Ghana's Petroleum Agreements.
The Tribunal further ruled that the assessment of 100% penalties falls outside the scope of the contractual protections in Tullow's Petroleum Agreements.
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