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

|About: Tullow Oil Plc. (TUWLF)|By:, SA News Editor

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.