Article 69 - Refund of overpaid Tax

1. A Taxable Person may claim a refund of the amount of excess Tax paid, following terms and conditions prescribed by this article, in any of the following circumstances:

a) upon filing a Tax Return for a Tax Period where Net Tax is an amount due to the Taxable Person,

b) where the Taxable Person has paid an amount in excess of the amount of Tax due,

c) where the Taxable Person has a VAT credit balance.

2. A Taxable Person may submit a request to the Authority for refund in any circumstances prescribed in the first paragraph of this article at the time the Tax Return is filed, or at any other time within five (5) years following the end of the calendar year for which the circumstances relate.

3. A refund request may be rejected if there are any Tax Returns due and not submitted with the Authority.

4. The Authority will review the Taxable Person’s request, and may approve the refund, issue a rejection in part or in full, or may request additional information from the Taxable Person for verification. Once a refund is approved in full or in part, the Authority must conclude refund procedures and initiate payment within sixty (60) days from the date of approval of the request. Payment is to be made by way of bank transfer to the Taxable Person’s registered bank account.

5. The Authority may offset excess Tax held in the Taxable Person’s VAT account against taxes, penalties or any other amounts due to the Authority, or withhold payment pending the resolution of outstanding assessments raised against that Taxable Person in respect of other taxes.

6. The Taxable Person may request excess Tax to be refunded, otherwise excess Tax will be carried forward in the VAT account at the time he submits each Tax Return or at any other time within the limitation period of the second paragraph of this article.