International court to rule on GRA tax charge against Tullow by end of 2024

An International Arbitration Court in London is set to deliver a ruling by the end of 2024 on a $400 million tax dispute between Tullow Oil and the Ghana Revenue Authority (GRA).

The dispute primarily concerns the GRA's application of the Branch Profits Remittance Tax (BPRT), which Tullow argues falls outside the provisions of its Petroleum Agreements and double tax treaties.

Other contested assessments include disallowed loan interest deductions and proceeds from a business interruption insurance policy. The arbitration hearing took place in October 2023, with Tullow awaiting the outcome while engaging with the Ghanaian government for a potential resolution.

The decision could significantly impact Tullow’s operations and financials, while shaping Ghana’s approach to taxing multinational corporations in the oil and gas sector.