GTL Summary:

Article 34 of the Value Added Tax Law addresses the mechanism for tax refunds. This provision establishes that the specific procedures, terms, and conditions governing tax refunds are not detailed within the Law itself but are delegated to the Implementing Regulations. It authorises these Regulations to define the criteria under which a Taxable Person is permitted to claim a refund for their Net Tax. This includes scenarios where the input tax is deductible or otherwise refundable. Furthermore, the Article empowers the Regulations to outline the rules for deferring any excess deductible tax to subsequent Tax Periods.