Sol Guyana Inc., one of the nation’s major oil importers, has categorically denied allegations that it has abused tax exemption letters received from the Guyana Revenue Authority (GRA) over the past years.
Its statement in this regard follows reports first carried by Guyana Standard, to the effect, that the company, along with others was using its tax exemption letters to get fuel cleared through GRA’s Permission for Immediate Delivery (PID) System. As a result of entering fuel at duty-free rates, Sol in one case, reportedly brought fuel that was supposed to be destined for ExxonMobil but was never delivered to the oil giant. GRA is currently investigating the matter which could see some $2.6B in taxes being recovered from the company.
Sol is however refuting these and other claims as highly misleading and damaging while adding that it has worked collaboratively with GRA on these matters.
The company said, “We want to assure our customers, partners, and the people of Guyana that we have robust procedures in place to ensure that we remain in compliance with our duty obligations as well as our other legal and corporate social responsibilities.”
As part of its assurance process, Sol said it has commissioned an independent third party to conduct a verification and reconciliation of its duty position. It believes that this exercise will confirm that it is compliant with duty-exempt importation regulations.
Sol said that in the interim, it is proud to be a safe and reliable supplier of fuels and energy solutions to the people of Guyana, and will vigorously defend the strong reputation it has built over many years against libelous and damaging statements.