Tullow Oil has settled a capital gains tax (CGT) dispute with the Ugandan government relating to its farm-down to CNOOC and Total in 2012. The company said on 22 June that it had agreed to pay $250m, substantially less than the $473m originally demanded by the Uganda Revenue Authority (URA). Tullow paid $142m in 2012, the minimum amount required to launch an appeal against the assessment, leaving $108m outstanding. A first instalment of $36m was paid on settlement, with two more payments to be made in 2016 and 2017.
- Browse our subscription options.