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Tullow Says It Will Challenge Ugandan $407 Million Tax Bill

Tullow Says It Will Challenge Ugandan $407 Million Tax Bill

From Standard

 British explorer Tullow Oil said it planned to challenge a Ugandan tax tribunal decision ordering it to pay a $407 million tax bill in relation to a 2012 sale of oil field stakes. Tullow Oil said it had already paid $142 million of the overall bill, which relates to its disposal of stakes in Ugandan oil fields to the China National Offshore Oil Corporation and France’s Total. “Tullow believes that the (Tax Appeals Tribunal) has erred in law and Tullow will challenge the EA2 assessment through the Ugandan courts and international arbitration,” Tullow said in a statement. It added that it still hopes it can resolve the matter through further negotiations with the government.

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