Ghana secures $393m tax victory over Tullow in international arbitration

Ghana has secured a major victory in an international tax arbitration case involving Tullow Ghana Limited, after an arbitral tribunal ruled in favour of the Republic over the taxation of business interruption insurance proceeds.

The tribunal, constituted under the Rules of Arbitration of the International Chamber of Commerce (ICC), dismissed all claims brought by Tullow and upheld in full the Ghana Revenue Authority’s (GRA) tax assessment of US$393,091,993.“The Tribunal ruled in favour of Ghana,” Dr Forson stated, adding that the outcome “vindicates the position Ghana has maintained throughout: that every company operating in this country, regardless of its size, is subject to the laws of Ghana.”