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Oil major settles huge capital gains tax bill to Vietnam after Finance Uncovered investigation

20 January 2020 by Nick Mathiason and George Turner

ConocoPhillips, the US oil giant, has finally paid tax to Vietnam on a $896m gain from the sale of two oil fields in 2012 – marking a significant climbdown amid embarrassing legal action and international criticism. Conoco’s “capitulation” comes after Finance Uncovered revealed in 2018 the company was using an obscure British law to try and avoid a Vietnam capital gains tax bill estimated to be worth up to $179m. Conoco’s retreat appears to have come about partly because it wanted to avoid further negative publicity, those with knowledge of the issue claimed. Our original story was published in The Guardian newspaper. The company confirmed a settlement had been reached but declined to disclose the amount paid. It is understood the settlement was less than $179m.

Please read the full article on Finance Uncovered website here