Tullow Oil loses $196.5 million tax dispute against Ghana
Tullow Oil said an ICC tribunal ruled against it in a $196.5 million tax dispute with Ghana, rejecting claims over Ghana corporate income tax on insurance proceeds (2016-2019) and finding 100% penalties were not covered by contractual protections.
5 million tax dispute with Ghana. The tribunal rejected Tullow's argument that Ghana's assessment breached its petroleum agreements. It found the country's corporate income tax assessment on insurance proceeds received by Tullow between 2016 and 2019 did not violate the agreements. The tribunal also said penalties equal to 100% of the assessment were not covered by the contractual protections.