Ghana Revenue Authority to Aid Tullow Oil's Tax Settlement
The Ghana Revenue Authority (GRA), under the leadership of Commissioner-General Anthony Kwasi Sarpong, has committed to working with Tullow Oil Ghana to settle a $393 million tax liability without hindering the company's petroleum operations. This assurance follows a ruling from an international tribunal that upheld the GRA's tax assessment against Tullow Oil.
The tax liability encompasses tax obligations, penalties, and accrued interest. Sarpong emphasized the GRA's intention to recover the outstanding amount while ensuring that Tullow's operations in Ghana remain uninterrupted.
Tullow Oil expressed disappointment over the tribunal's decision regarding its corporate income tax assessment for operations in Ghana from 2016 to 2019 and is currently evaluating its next steps after further discussions with the Ghanaian government. Following the ruling, Tullow's shares reportedly fell by about 50%.
Plus234Feed summary based on reporting from Nairametrics. Read the original report below.
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