GRA assures Tullow of collaboration to settle $393m tax liability without disrupting its petroleum operations

The Ghana Revenue Authority (GRA) has said it will work with Tullow Ghana to resolve a US$393 million tax dispute without disrupting the company’s petroleum operations.

The assurance follows a ruling by an international tribunal affirming GRA’s tax assessment as lawful.

In an interview with Joy Business, Commissioner-General GRAAnthony Kwesi Sarpong welcomed the ruling and said the authority would engage all parties to settle the dispute amicably.

“The Ghana Revenue Authority welcomes the news of victory at the London Arbitration sustaining a tax claim of over US$393 million,” he said.

“He mentioned that the win is significant as it demonstrates that GRA fairly applies Ghana’s tax laws to businesses both international and local, adding ” when there is a dispute, we follow the rules”.

“Mr. Sarpong explained that the GRA considered Tullow as a significant business partner in our petroleum sector and emphasized that they will work with them to ensure that the tax obligation is settled in a manner that is not disruptive to Tullow’s business.

“GRA remains committed to protecting the country’s interest and placing Ghana first in our dealings.”” he noted.

The GRA on Tuesday won the tax claim against Tullow Ghana at the London International Arbitration after Tullow challenged the revenue agency’s assessment under the Petroleum Revenue Management Act.

The US$393 million includes penalties and interest accrued on the tax liability since it became due.