Tullow Oil has reduced its effective tax charge from 35.5% of profits in 2003, to 33% in 2004 because of a production sharing agreement held by one of its recent acquisitions.
Tullow acquired Energy Africa for £311m in May 2004. Energy Africa, instead of paying tax, shared a portion of production with the host government where it was based, and as a result Tullow’s effective tax rate was reduced.
Tullow’s turnover for 2004 increased by 74% to £225.3m.
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Unincorporated businesses under the VAT threshold given an extra year to prepare before MTD becomes mandatory