28 March 2024
Mozambique clarifies Cove’s tax bill
Publication date: 11 April 2012
Gas Strategies Group
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Mozambique’s government has clarified that Cove Energy’s effective tax liability on capital gains from its planned Mozambique asset sale would be 12.8%, less than tax rates levied elsewhere in the region. The announcement reduced fears over a protracted tax wrangle and boosted Cove’s share price. Cove owns an 8.5% stake in Mozambique’s highly prospective Anadarko-operated Offshore Area 1 in the Rovuma Basin.