Seeking Alpha

Uganda tax appeals tribunal orders Tullow Oil to pay $407M

  • Uganda's tax appeals tribunal orders Tullow Oil (OTCPK:TUWLF, OTCPK:TUWOY) to pay a tax bill amounting to $407M to the government from the sale of its oil assets in the country three years ago.
  • Tullow objected to the assessment on the sale and challenged the matter at the tax tribunal, after paying 30% of the assessed tax.
  • Tax disputes from the sales have been blamed for delaying the development of Uganda's oil fields, which may contain as much as 3.5B barrels of crude.
Comments (1)
  • dacama1
    , contributor
    Comments (220) | Send Message
     
    Just deposit it into a few Swiss accounts and all will be forgiven.
    16 Jul 2014, 03:04 PM Reply Like
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