{"id":259974,"date":"2024-12-04T03:49:50","date_gmt":"2024-12-04T03:49:50","guid":{"rendered":"https:\/\/www.ghanamma.com\/2024\/12\/04\/london-court-set-to-decide-on-gras-400m-tax-dispute-with-tullow-oil\/"},"modified":"2024-12-04T03:49:50","modified_gmt":"2024-12-04T03:49:50","slug":"london-court-set-to-decide-on-gras-400m-tax-dispute-with-tullow-oil","status":"publish","type":"post","link":"https:\/\/www.ghanamma.com\/2024\/12\/04\/london-court-set-to-decide-on-gras-400m-tax-dispute-with-tullow-oil\/","title":{"rendered":"London court set to decide on GRA\u2019s $400m tax dispute with Tullow Oil"},"content":{"rendered":"<br><div id=\"article-text\">\n                       \n                        \n<p class=\"wp-block-paragraph\">Tullow Oil has provided an update in its\u00a0Trading Report released on November 29, 2024,\u00a0revealing that the International Arbitration Court in London is preparing to deliver its decision on the tax dispute with the Ghana Revenue Authority (GRA).<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">The case centres around a $400 million tax assessment, and a verdict is expected by the close of the year after both parties presented their arguments.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">In the\u00a0report, Tullow Oil confirmed that a hearing took place in October 2023, with the court&#8217;s decision anticipated before the year&#8217;s end.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Tullow\u2019s CEO, Rahul Dhir, discussed the potential consequences of the court&#8217;s ruling earlier this year during a presentation to investors in London.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">He emphasised that the outcome could have significant implications for the company\u2019s operations and financial health.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">&#8220;Management has thoroughly assessed the potential results based on legal counsel, tax advice, and prior experience with similar cases,&#8221; Dhir said.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>Background to the dispute<\/strong><\/p>\n\n\n\n<p class=\"wp-block-paragraph\">The legal conflict dates back to October 2021 when Tullow Ghana Limited (TGL) disputed a $320.3 million Branch Profits Remittance Tax (BPRT) levied after a tax audit covering the 2014 to 2016 fiscal years.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">In response, TGL submitted further arbitration claims to the International Chamber of Commerce in London in February 2023, challenging two additional tax assessments from the GRA.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">These assessments involve the disallowance of interest deductions on loans for the years 2010 to 2020 and funds received under Tullow\u2019s corporate Business Interruption Insurance policy for the period 2016 to 2019.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Tullow maintains that the GRA\u2019s application of BPRT is based on laws incompatible with the company\u2019s petroleum agreements and the relevant double tax treaties.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">The company argues that the tax assessments do not conform to the legal framework governing its operations in Ghana.\u00a0<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">As the case remains unresolved, Tullow is not required to make payments on the disputed tax charges.<\/p>\n\n                <p><strong>DISCLAIMER: <\/strong>The Views, Comments, Opinions, Contributions and Statements made by Readers and Contributors on this platform do not necessarily represent the views or policy of Multimedia Group Limited.<\/p>      \n               \n <!-- Post Tags -->\n                \n\n                        \n\n    \n                                 \n                                             \n                    <\/div>\n","protected":false},"excerpt":{"rendered":"<p>Tullow Oil has provided an update in its\u00a0Trading Report released on November 29, 2024,\u00a0revealing that the International Arbitration Court in London is preparing to deliver its decision on the tax dispute with the Ghana Revenue Authority (GRA). The case centres around a $400 million tax assessment, and a verdict is expected by the close of [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":259975,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[11],"tags":[],"class_list":["post-259974","post","type-post","status-publish","format-standard","has-post-thumbnail","category-top-news"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v28.7 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>London court set to decide on GRA\u2019s $400m tax dispute with Tullow Oil - Ghanamma.com<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.ghanamma.com\/2024\/12\/04\/london-court-set-to-decide-on-gras-400m-tax-dispute-with-tullow-oil\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"London court set to decide on GRA\u2019s $400m tax dispute with Tullow Oil - Ghanamma.com\" \/>\n<meta property=\"og:description\" content=\"Tullow Oil has provided an update in its\u00a0Trading Report released on November 29, 2024,\u00a0revealing that the International Arbitration Court in London is preparing to deliver its decision on the tax dispute with the Ghana Revenue Authority (GRA). 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