GRA Hails Tribunal Ruling Upholding $393m Tax Assessment Against Tullow Ghana

The Ghana Revenue Authority (GRA) has welcomed the decision of an arbitral tribunal to dismiss claims brought by Tullow Ghana Limited and uphold its tax assessment of US$393,091,993.70.

According to the Authority, the ruling is an important affirmation of Ghana’s tax administration and the consistent application of its tax laws.

“This outcome reflects the professionalism and diligence of the GRA team and the collective efforts of the state institutions and advisers who worked to defend the interests of the Republic,” the GRA stated.

The Authority said the decision reinforces a fundamental principle that Ghana’s tax laws apply fairly and consistently to all taxpayers.

The GRA added that it will continue to engage constructively with taxpayers while protecting revenues lawfully due to the State and maintaining a fair and predictable environment for business and investment.

An arbitral tribunal constituted under the Rules of Arbitration of the International Chamber of Commerce (ICC) on Monday delivered its award in proceedings brought against the Republic of Ghana by Tullow Ghana Limited over the taxation of business interruption insurance proceeds.

The Tribunal ruled in favour of Ghana, dismissing all claims brought by Tullow and upholding in full the GRA’s tax assessment.

The Tribunal found that the assessment did not breach the Petroleum Agreements, the penalty was properly applied, the assessment was not time-barred, and the GRA’s enforcement action was lawful.

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