URA wins tax case against Heritage Oil

lukindo · 2011-11-24T06:20:09+00:00

Habari wana jamvi, Nimepata hii habari (hapo chini) kutoka kwenye chanzo nilichokiweka. Kama unavyoweza kuona, penye nia pana njia. Hawa wenzetu Waganda wemekuwa kwenye mlolongo wa kesi na hili kampuni kubwa (international giant) ambayo mwanzoni ilionekana ngumu kwa serikali, lakini kwa sababu wanasheria walikuwa wanasimamia wanachokiamini wameweza kupata matokeo haya. Hii ni changamoto kwa Watanzania maana tumekuwa tukiogopa kufungulia kesi haya makampuni makubwa kwa kisingizio cha kutokuwa na wanasheria na hata pale zinapofunguliwa kama ile kesi maarufu ya DOWANS, wanasheria wanawazunguka wananchi na ‘kujifanya' hawawezi kushinda hizo kesi wakati haki yote iko kwetu. Uganda mmeonyesha njia! Source: http://www.monitor.co.ug/News/National/-/688334/1278202/ Thursday, November 24 2011 at 00:00 Uganda Revenue Authority has won a case against Heritage Oil and Gas Limited after the Tax Appeals Tribunal yesterday dismissed the oil company's contest against paying capital gains tax to the tune of Shs1.1 trillion. The panel dismissed with costs an appeal filed by Heritage Oil challenging the tax body's decision to slap a $404 million income tax assessment after the company sold its 50 per cent stake of exploration rights. Emmanuel Gyezaho & Ephraim Kasozi Uganda Revenue Authority has won a case against Heritage Oil and Gas Limited after the Tax Appeals Tribunal yesterday dismissed the oil company's contest against paying capital gains tax to the tune of Shs 1.1trillion. The three member panel dismissed with costs an appeal filed by Heritage Oil challenging the tax body's decision to slap a $404million income tax assessment after the company sold its 50 per cent stake of exploration rights in Blocks 1 and 3A in the oil-rich Albertine Graben to Tullow Oil in January 2010 for a cool $1.5 billion. Chairman Asa Mugenyi and members Stephen Akabway and Pius Bahemuka ruled in a judgement this newspaper has seen that Heritage Oil had "failed to satisfy" that URA's income tax assessment was "excessive and or erroneous", handing the oil company yet another legal defeat in its objection against paying capital gains tax. Heritage lawyers requested the Tribunal in July to halt proceedings on grounds that the firm had already started an arbitration process in London over the tax dispute, an appeal that was also dismissed. The oil firm appealed that decision before the High Court in Kampala in September but failed to get a favourable decision. URA Commissioner General Allen Kagina expressed delight and said the ruling would have "a significant impact on the arbitration case in London." "We have a favourable ruling here in Uganda on the same grounds that the London case was filed so I hope that London will uphold the same," she told this newspaper yesterday.

Thread starter lukindo
Start date Nov 24, 2011

lukindo

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URA wins tax case against Heritage Oil

lukindo

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