Kenya Revenue Authority Wins $22 Million in Tax Battle against Africa Oil Corp

Africa Oil Corp. has been ordered to pay $22 million in regards to its appeal process to Kenya Tax Appeals Tribunal
related to Kenya Revenue Authority’s corporate income tax and value added tax assessments, made in connection with farm out transactions completed during 2012 to 2017.

The amount is however a dissimal amount as compared to the $50 million the taxman was after following its farm out to Maersk Oil following its farm out  amounting to $427 million in November 2015 for blocks 10BB, 13T and 10BA.

In a statement Africa Oil said it maintains its position that the VAT assessment is without merit and has duly filed an appeal with Kenya’s High Court to challenge it.

Author: OilNews

International award winning journalist with a nose for news in the extractives industry. Contact: +254724684368