Mozambique: Eni to pay $350m capital gains tax on Exxon stake sale

Mozambique stands to receive some $350m in capital gains tax from Eni’s sale to ExxonMobil of a 25% stake in its Rovuma Basin Area 4. Tax authority official Anibal Balango told reporters that, as an overseas company, Eni was eligible to pay tax on only half the value of the $2.8bn farm-in deal. That value was reduced to $1.1bn after existing investments by the Italian company were accounted for, giving a tax rate of about 32%, the authority said.