The Ghana Revenue Authority (GRA) has assured that it will engage Tullow Ghana to resolve a US$393 million tax dispute without disrupting the company’s petroleum operations in Ghana.
The assurance follows a ruling by an international arbitration tribunal that upheld the legality of the GRA’s tax assessment against Tullow Ghana.
Speaking to Joy Business, GRA Commissioner-General Anthony Kwesi Sarpong welcomed the arbitration decision and said the revenue authority would work with all relevant stakeholders to find an amicable resolution to the long-running tax dispute.
Mr Sarpong said the outcome of the London Arbitration represents an important development for Ghana’s tax administration and demonstrates the GRA’s commitment to applying the country’s tax laws fairly.
“The Ghana Revenue Authority welcomes the news of victory at the London Arbitration sustaining a tax claim of over US$393 million,” he said.
According to the GRA Commissioner-General, the ruling reinforces the principle that Ghana’s tax laws apply equally to both local and international businesses operating in the country.
He added that the GRA follows established legal and regulatory procedures whenever disagreements arise between the tax authority and taxpayers.
The Tullow Ghana tax dispute has attracted significant attention because of the company’s role in Ghana’s petroleum industry and the potential financial implications of the tax claim.
Despite the arbitration ruling, the GRA says its engagement with Tullow Ghana will focus on resolving the matter while ensuring that the company’s oil and gas operations remain uninterrupted.
The development underscores the importance of tax compliance and effective dispute resolution in Ghana’s petroleum sector, while highlighting the GRA’s efforts to protect government revenue within the framework of the law.
Source: newsthemegh.com