Tullow Ghana: Ghana Dragged To International Court Over $387 Million Disputed Tax Claims

• Tullow Ghana has filed a case at the International Chamber of Commerce in London over claims by the GRA that it owes Ghana 387 million in back taxes
• Tullow Ghana disputes the claims by the GRA and said in a press release on February 14, 2023, that the arbitration will help clarify matters
• Gold Fields and Kosmos are also named in similar claims by the GRA, Ghana's foremost authority for tax collection

Tullow Ghana has dragged the government of Ghana to the International Chamber of Commerce over claims by the Ghana Revenue Authority that it owes $387 million in back taxes.

The Ghanaian subsidiary of Tullow Oil plc announced in a press statement on Tuesday, February 14, 2023, that Tullow Ghana filed requests for arbitration with the International Chamber of Commerce in London over the controversial tax claim.

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"Tullow believes that resolution through international arbitration will bring certainty, which is in the best interest of all stakeholders," the mega oil exploration company said in the releases.

Why GRA says Tullow Ghana owes the country $387 million

Tullow Ghana explained in the release that it received a revised corporate income tax assessment for $190.5 million from the GRA in December of 2022.

The key partner in Ghana's oil-rich Cape Three Points in the Western Region said the revised corporate tax income it received from the country's foremost tax collecting agency concerned the disallowance of loan interest for the fiscal years 2010 to 2020.

But Tullow insists it had previously disclosed assessments by the GRA relating to the same issue in the past the GRA's latest revised assessment superseded all previous claims.

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Again, Tullow said the company was sent a tax assessment and demand notice for $196.5 million from the GRA.

Gold Fields, Kosmos mong tall list of companies GRA says owe Ghana millions

YEN.com.gh reported in a previous story that Gold Fields, Kosmos, and MTN Ghana are among an interesting list of big firms the GRA says owe the state millions in taxes.

But all the firms have refuted the claim, with Kosmos also saying it will fight it when the time is right.

GRA is helping Ghana to raise enough money to pay piled-up debts that have plunged the country into a fiscal and economic crisis.

Source: YEN.com.gh