Article 59 - Payment of Tax

1. Payment of Tax due by a Taxable Person in respect of a Tax Period must be made at the latest by the last day of the month following the end of that Tax Period.

2. Payment of Tax by a Person in the case of an assessment issued by the Authority must be made before the date specified in the notification of the assessment.

3. Payment of Tax must be made to the designated bank account of the Authority.

4.The Person making payment must provide details of the Tax Identification Number of the Taxable Person and the Tax Period or Tax Periods to which the payment relates.

5. For each Taxable Person, the Authority shall keep a VAT account which records:
   a) VAT due by the Taxable Person in respect of each Tax Period, including penalties and other charges relating to that particular Tax Period,
   b) the ongoing balance in  respect  of the overall VAT due and refundable by that Taxable Person, including any general penalties or other amounts payable in relation to VAT.

6. Details of the balances of a Taxable Person’s VAT account shall be made available electronically by the Authority for the Taxable Person to review.

7. When the Authority receives a payment from a Taxable Person, it will first be applied to the balance of the Tax Period to which   the   payment   refers. Any excess balance will be applied to penalties, fines or charges owing from any previous Tax Period, and the remainder will then be applied to outstanding balances for other Tax Periods, starting from the oldest period with a balance payable.

8. The Authority may offset any VAT credit balance against any other taxes due by the Taxable Person. The Authority shall notify a Person where an offset of a credit balance is carried out.