KEYFACT Energy
Africa Oil provides an update on its appeal process to Kenya Tax Appeals Tribunal ("TAT") related to Kenya Revenue Authority's ("KRA") corporate income tax ("CIT") and value added tax ("VAT") assessments, made in connection with farmout transactions completed during 2012 to 2017.
Africa Oil is pleased that TAT has ruled in favour of the Company with regards to the CIT assessments. Also, the Company notes TAT's ruling in favour of KRA with regards to the VAT assessments that amount to US$22 million. However, Africa Oil maintains its position that the VAT assessment is without merit and has duly filed an appeal with Kenya's High Court to challenge it.
KeyFacts Energy: Africa Oil Kenya country profile