Tullow Oil says exempt from $320m tax in Ghana

Tullow Oil said on Thursday the International Chamber of Commerce (ICC) has ruled that the Branch Profit Remittance Tax (BPRT) does not apply to its operations in the Deepwater Tano and West Cape Three Points fields offshore Ghana.

As a result, West Africa-focused Tullow will not have to pay the $320 million BPRT assessment and will not face future BPRT liabilities, the company said.

BPRT is a tax on the profits that a foreign business makes in a country and then remits (transfers) back to its parent company abroad.

Tullow is still in discussions with the Government of Ghana to resolve two other tax claims.

➤Click here to follow our WhatsApp channel for more stories.