The Ghana Revenue Authority (GRA) has committed to working with Tullow Oil Ghana to address a substantial $393 million tax liability without hindering the company's ongoing petroleum operations. This assurance was provided by GRA Commissioner-General Anthony Kwasi Sarpong during a recent interview.
Sarpong emphasized Tullow's importance as a partner in Ghana's petroleum sector and stated that the GRA would engage with the company and relevant stakeholders to find an amicable resolution. The tax liability includes obligations, penalties, and accrued interest.
Following an international tribunal's ruling that upheld the GRA's tax assessment, Sarpong welcomed the decision, highlighting the authority's consistent application of tax laws. He noted that the GRA aims to recover the outstanding amount while ensuring Tullow's operations are not disrupted.
In response to the tribunal's decision, Tullow expressed disappointment and is currently evaluating its next steps after further discussions with the Ghanaian government. The ruling specifically addressed a corporate income tax assessment related to insurance proceeds received by Tullow between 2016 and 2019.
As Tullow navigates this challenging situation, the GRA's focus remains on balancing government revenue needs with the operational stability of one of its key partners in the petroleum sector.