For cross-border investments, in particular in developing countries such as Africa, large corporates may have sought to stabilise their tax exposure by way of advance agreement with the relevant government. However, these agreements are more frequently in the spotlight, as tax authorities raise tax assessments which appear to disregard the tax stabilisation provisions and the underlying deal. In these circumstances, corporates need to consider their options, which include: a contractual dispute by reference to the terms of the agreement, often by way of arbitration, outside the local jurisdiction; and a tax challenge by way of appeal in the local jurisdiction against the relevant tax authority.