Tullow steps up tax transparency
FTSE 100-quoted energy explorer Tullow Oil yesterday revealed how much it paid to different governments in its annual report, in line with EU regulations but ahead of incoming UK legislation. The firm paid $881m (£534m) to African governments last year through the taxes it pays, which it said was larger than its group tax bill due to the $100m rebate it got from the Norwegian government on exploration costs. The report also showed chief Aidan Heavey’s pay was broadly flat last year.