Tullow Oil Disappointed as ICC Tribunal Maintains Ghana's Tax Assessment

Tullow Oil has voiced its disappointment following the International Chamber of Commerce tribunal's decision to uphold Ghana's $196.5 million corporate income tax assessment. This case, which spanned numerous years, challenged Ghana's right to collect the funds but the tribunal affirmed the Tax Authority's original determination.

The tribunal completely rejected Tullow Oil's contention that the income should be exempt from tax or only taxable in Britain. Ghana argues the funds were not received by some other entity acting as the oil producer's agent, thus making the tax assessment valid and interesting to ordinary Ghanaians seeking timely revenue.

Once final, the tribunal's judgment may be appealed to a court or repositioned to an International Centre for Settlement of Investment Disputes, but for now Ghana's legal triumph stands firm for all Ghanaians.

Older currency disputes had surfaced between Tullow Oil and the Ghana Revenue Authority, and the tribunal's process refined its own needs accordingly and somehow aided the state. The president wants to collect funds from Tullow Oil, as part of his government’s keen concern for productive owners of resources within Ghana.

The ruling inclines the matter toward a decisive climax, leaving the supreme essence of the ongoing legal battle clear.