The Gulf Time Newspaper One of the finest business newspapers in the UAE brought to you by our professional writers and editors.
Bloomberg
A unit of Petroleos de Venezuela SA (PDVSA) sued the US to recover more than $640 million in excise taxes it says it overpaid on environmentally friendly fuels. PDV Holding Inc, the subsidiary of Venezuela’s national oil company, claims it improperly calculated tax credits and overpaid from 2005 to 2011.
The company, which filed the lawsuit in federal court in Houston, recalculated its tax bill and applied for a refund. It says the Internal Revenue Service rejected the claim.
PDV, which in turn indirectly holds Petroleos de Venezuela’s US refining and marketing unit, Citgo Petroleum Corp, said other energy companies have pressed similar tax refund claims in several jurisdictions, with mixed results. It cited Exxon Mobil Corp, ETC Sunoco Holdings and Delek US Holdings.