Africa Oil Corp (AOIFF)

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Kenya’s taxman and a Canadian oil firm are locked in a fight over $52 million Turkana oil's bill

Kenya’s taxman is locked in a Sh5.2 billion ($52million) dispute with Africa Oil, the Canadian firm involved in exploration of Turkana oil fields in a joint venture with British firm Tullow.

KRA is demanding the amount in the form of corporate income tax and value added tax that it says Africa Oil should have paid on acquisition transactions completed in the five-year period between 2012 and 2017.

Even before the Kenya’s first oil barrel has been exported out of the country, Kenya Revenue Authority (KRA) and a Canadian firm are already fighting over Turkana oil millions.

Kenya’s taxman is locked in a Sh5.2 billion ($52million) dispute with Africa Oil, the Canadian firm involved in exploration of Turkana oil fields in a joint venture with British firm Tullow.


Read More at:
https://www.pulse.ng/bi/finance/kra-and-africa-oil-fight-over-turkana-oils-sh5-2-billion-id8747130.html