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02.04.2008 Business & Finance

Tullow Oil Pays $2.3 Million Withholding Tax

Tullow Oil Plc, an oil exploration, developing and producing company, has presented a cheque for $2.3 million withholding tax to the Internal Revenue Service (IRS) for two operations it carried out last year.

At the presentation ceremony in Accra yesterday, the Commissioner of the IRS, Major Dan Ablorh-Quarcoo (retd), commended the company for their initiative, adding that in most cases the service had to chase companies to pay their withholding taxes.

He said the company had demonstrated high sense of responsibility by adopting self compliance in the payment of the witholding tax.

The Country Manager of Tullow Oil Plc, Mr Kofi Esson, said the payment of the tax was part of the company's obligation to the state and that the tax represented two operations the company undertook last year.

Tullow Oil signed an agreement with the Ghana National Petroleum Corporation (GNPC) to explore, develop and produce oil in the country last year.
 

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