LONDON – Tullow oil (LON:) PLC at the moment introduced a positive ruling from the Worldwide Chamber of Commerce (ICC) concerning a major tax dispute with the Ghana Income Authority. The ICC Tribunal has concluded that the Department Revenue Switch Tax (BPRT) doesn’t apply to Tullow Ghana’s operations beneath its oil offers for the Deepwater Tano and West Cape Three Factors blocks, which embody the outstanding Jubilee and TEN fields off Ghana.
The Tribunal’s choice exempts Tullow Ghana from a $320 million BPRT levy beforehand collected by the Ghana Income Authority. Moreover, the corporate is not going to face future liabilities from the BPRT for these operations. Tullow Oil is engaged in a wider dispute with the Ghanaian authorities over tax claims and goals to resolve the remaining points amicably.
Rahul Dhir, CEO of Tullow, mentioned he was happy with the Tribunal’s choice, saying: “We’re delighted with the end result and the Tribunal’s choice, which upholds our evaluation and eliminates a major surplus from our enterprise. Dhir highlighted the corporate’s confidence in its oil offers and the dispute decision course of, which has now introduced certainty to all events concerned.
The decision of this tax dispute is a major improvement for Tullow Oil, permitting the corporate to concentrate on maximizing the worth of its Ghanaian operations with out the burden of the disputed tax. As Tullow continues discussions with the Ghanaian authorities concerning different controversial tax claims, this latest choice may set a precedent for the end result of those negotiations.
The knowledge on this article relies on a press launch from Tullow Oil PLC. The corporate, listed on the London and Ghana Inventory Exchanges beneath the image LSE:TLW, is an impartial power firm centered on the accountable improvement of oil and fuel in Africa. Tullow can be dedicated to reaching internet zero for its Scope 1 and a pair of emissions by 2030 and goals to ship sustainable socio-economic advantages in its host nations by its Shared Prosperity technique.
This text was generated with the assist of AI and reviewed by an editor. For extra info, seek the advice of our Common Phrases and Situations.
#Tullow #Oil #Wins #Ghana #Tax #Dispute #Avoids #Million #Payout #Investing.com , #Gossip247
,
