TULLOW OIL SECURES LEGAL WIN IN $320M TAX DISPUTE WITH GHANA REVENUE AUTHORITY
Tullow Oil PLC has secured a major legal victory in its tax dispute with the Ghana Revenue Authority (GRA). sharecast.com The International Chamber of Commerce (ICC) Tribunal has ruled that the Branch Profit Remittance Tax (BPRT) is not applicable to Tullow Ghana’s operations under the Deepwater Tano and West Cape Three Points Petroleum Agreements, which govern the Jubilee and TEN offshore oil fields. This ruling exempts Tullow Ghana from the GRA’s $320 million BPRT assessment and protects the company from future BPRT liabilities for its activities under these agreements. The decision reinforces the tax framework established in the Petroleum Agreements, which Tullow argued was the regulatory regime governing its operations. “As a result of the Tribunal’s award, Tullow Ghana is not liable to pay the $320 million BPRT assessment issued by the Ghana Revenue Authority and will have no future exposure to BPRT in respect of its operations under the Petroleum Agreements. “Tullow continues ...