GTL Summary:

Article 53 establishes the core formula for calculating the Payable Tax for a Taxable Person within any given Tax Period. The provision mandates a clear netting mechanism where the final tax liability is determined by a specific calculation: the total Output Tax due for the period less the total Recoverable Tax incurred by the person during the same period. This fundamental principle ensures that the tax ultimately remitted is based on the value added, by offsetting the tax collected on sales against the tax paid on eligible business expenditures, thereby defining the net payable amount.