The LRA said in July 2016, it selected WADI, among several taxpayers, for tax audit and that the financial records of WADI were audited from January 1, 2011 to December 31, 2015. The audit, according to LRA, discovered that WADI had unpaid taxes for that period, amounting to US$2,568,161.77. Out of that amount, the LRA claimed that US$1,655,452.27 represented tax liability on rough diamonds shipped and sold out of Liberia. LRA’s audit also revealed that WADI purchased diamonds valued at US$27,950,312 and sold same to another company — West Africa Diamond Limited (WADL), in Israel. As a result, LRA claimed that US$27,440,223 of WADI’s tax obligation was left undecided.

Source: Daily Observer April 09, 2018 02:26 UTC