Ghana Wins $393m Tullow Tax Arbitration
Dr. Cassiel Ato Forson Ghana has won a major tax arbitration case against Tullow Ghana Limited after an arbitration tribunal constituted under the Rules of Arbitration of the International Read More... The post Ghana Wins $393m Tullow Tax Arbitration appeared first on DailyGuide Network .
Ghana has secured a significant victory in a tax arbitration case against Tullow Ghana Limited, receiving a US$393,091,993.70 ruling in its favor. The decision, made by an arbitration tribunal composed under the International Chamber of Commerce's Rules, upholds the Ghana Revenue Authority's (GRA) tax assessment and penalty. Dr. Cassiel Ato Forson, the Finance Minister, emphasized the importance of this win in safeguarding the government's tax revenues from the petroleum sector.
Despite acknowledging Tullow's vital role in Ghana's oil industry, the government remains committed to implementing the award while ensuring the company's operations continue. Discussions will focus on the repayment of the assessed liabilities, with the government prioritizing the protection of Ghanaian citizens' interests and maintaining a conducive investment environment.
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