Article 86 - Refund of Tax by a Taxable Person

A. A Taxable Person shall be entitled to request a refund of an excess Tax amount in any of the following cases:

1. Where, in accordance with the provisions of the Law and these Regulations, there is excess deductible Net Tax per a Tax Return. The Taxable Person may carry forward such excess in his Tax account to the subsequent Tax Period.

2. Where a Taxable Person pays an amount in excess of the Net Tax payable.

3. If there is an excess Net Tax recoverable in the event of deregistration of a Taxable Person, subject to the approval of the deregistration application by the Bureau.

B. The Bureau may set off excess Net Tax recoverable against any tax or administrative fines due by the Taxable Person under the provisions of the Law or any other tax law until the excess is exhausted.

C. A Taxable Person may request the Bureau to refund Tax in the cases stipulated in Paragraph A of this Article within of five years from the end of the year in which any such cases occur.

D. The Bureau shall respond to the request within sixty days, renewable by the same period, from the date of meeting the requirements relating to documentation.

The Bureau may audit and review the accounts of the Taxable Person in order to verify the validity of the refund request and, within sixty days from the date of meeting requirements relating to documentation, shall notify the applicant of its decision to approve or reject the request.

E. On approval of a refund request, the Bureau shall refund the recoverable amounts by bank transfer to the bank account of the refund applicant within thirty days from the date of issue of its decision to approve the refund request.