Irish oil giant Tullow oil Uganda has this Wednesday been ordered to pay the $407,095,366 (about four hundred and seven million US dollars) to the government of Uganda in Capital Gains Tax by the Tax Appeals Tribunal.
Tullow had challenged a capital gains tax assessment of $472,748,128 by the Uganda Revenue Authority with the oil firm citing provisions in the production sharing agreement signed secretly with the government that allowed tax exemptions to Tullow Uganda.
The URA capital gains assessment followed the completion of the farm of Tullow Uganda assets in Uganda after the the Irish firm sold 33$% of its stake to each of CNOOC and Total in 2012 for $9.2b.
below you can DOWNLOAD the full ruling of the Tax Appeals Tribunal detailing the submissions of the lawyers for the two sides and why the judges decided Tullow should pay the tax to Uganda.
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