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Article

24 Mar 2014

Author:
Eduard Gismatullin, Bloomberg

Tullow discloses first income tax paid to Ghana last year

Tullow Oil Plc (TLW)’s government payment disclosure revealed it paid income tax for the first time in Ghana last year [2013]...The producer, which pumps...oil...from the Jubilee field offshore Ghana, paid about $107 million in income tax...according to its annual report...Tullow said...[t]his year it stepped up its transparency effort by disclosing payments on a project-by-project basis and providing more details such as royalties and other taxes. The company, based in London, has been leading the initiative for companies to give details about their payments to governments, part of a worldwide effort to combat corruption, according to Global Witness, a U.K. advocacy group. Tullow, which is pumping most of its oil in Africa, started reporting before a European Union directive requires the information in 2015...