Uganda tax tribunal rules against Tullow
Issue 282
- 26 Jul 2014
| 3 minute read
Uganda’s Tax Appeals Tribunal has ruled in favour of the Uganda Revenue Authority (URA) in its dispute with Tullow Oil over capital gains tax (CGT) owed for the company’s 66% farm-down of its Lake Albert assets to CNOOC and Total. Following completion of the $2.9bn farm-down agreement in February 2012, the URA issued Tullow with a $472m CGT assessment, which the company contested, although it paid the requisite 30% on the assessment (equivalent to $142m) in order to launch the appeal.
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