The Guyana Revenue Authority (GRA) is seeking to recover taxes lost from Atlantic Fuel Inc, which it alleges undervalued fuel it imported last year.
Documents seen by Stabroek News show that the company imported 639,000 litres of Grade 2-D2 fuel from Century Maritime LLC through a spot contract. The export company is registered in Brookfield, Massachusetts, in the United States but the fuel originated in Curacao.
However, while the company said it purchased the fuel for US 25 cents per litre, the purchasing documents show that it paid US$2.33 per US gallon (1 US gallon is equivalent to 3.785 litres). The total was pegged at US$379,100 on Century Maritime’s invoice but when documents were submitted here, that cost was listed as US$159,750.
