Tullow Ghana wins $320 million tax dispute with Ghana Revenue Authority
The International Chamber of Commerce (ICC) has ruled in favour of Tullow Ghana in a high-stakes tax dispute with the Ghana Revenue Authority (GRA).
The issue was on the application of Branch Profit Remittance Tax (BPRT) on Tullow Ghana's operations.
The ICC Tribunal concluded that Branch Profit Remittance Tax does not apply to Tullow Ghana under the tax framework stipulated in its Deepwater Tano and West Cape Three Points Petroleum Agreements, which govern operations in the Jubilee and TEN oil fields.
This decision absolves Tullow Ghana of a $320 million tax liability previously assessed by the GRA and ensures the company faces no future exposure to BPRT under the agreements.
The ruling underscores the binding nature of the Petroleum Agreements, which form the lega...