Local seafood exporters are expected be refunded Value Added Tax (VAT) applied on zero-rated exports following a court case filed by Pritipaul Singh Investments (PSI) which subsequently reached a settlement with the Guyana Revenue Authority (GRA) that will see the company being refunded $246.4 million for 2017.
PSI took the GRA to court last October after it said that the tax agency unlawfully disallowed its claims for VAT refunds. In December, the parties agreed to settle the matter and last month, the GRA agreed to pay the $246.4 million on or before February 14.
Stabroek News understands that the GRA has also written to other seafood exporters informing that based on its re-examination of their respective cases, they would also be entitled to refunds.
