Shell, Philippines' $1.2B Tax Dispute Heads To World Bank
Law360, Washington (July 21, 2016, 6:30 PM EDT) -- A Royal Dutch Shell PLC unit on Wednesday took its $1.2 billion tax recalculation dispute with the Philippines' Commission on Audit over the gas-to-power Malampaya project the company operates to a World Bank arbitration dispute body.
The International Centre for Settlement of Investment Disputes records show that Shell Philippines Exploration BV initiated the arbitration proceedings, registered Wednesday, against the Republic of the Philippines over the taxation of a hydrocarbon concession.
While the records show no other details, they appear to relate to the audit commission's spring 2015 ruling that the Philippines’ Department of Energy was required to collect roughly $1.2 billion...
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