Title 5 - Refund and Collection of Tax
Chapter 1 - Refund of Tax
Article 38 - Application for Refund of Credit Balance [11][G13]
A Taxpayer may apply for a refund of any [credit balance where he is entitled to a refund under the provisions of the Tax Law, where it was established that such credit balance is in excess of the Payable Tax and Administrative Penalties, pursuant to the procedures specified in the Executive Regulations.
The refund application must be submitted within a period not exceeding (5) five years from the end of the Tax Period to which any of the following applies, as the case may be: [12]
The excess payment was made, if the credit balance resulted from an excess Tax payment.
The Tax Return or Voluntary Disclosure was submitted or the Tax Assessment was issued, if the credit balance resulted from a Tax Return or a Voluntary Disclosure submitted to the Authority, or otherwise from a decision issued by the Authority.
The credit balance arose, in any other cases.
As an exception to the provisions of Clause 2 of this Article, if the credit balance arose as a result of a decision issued by the Authority after the expiry of the (5) five years period referred to or during the last (90) ninety days thereof, the Taxpayer may submit the refund application within one year from the date on which this balance arises.
Without prejudice to the provisions of Clause 3 of this Article, if the credit balance arose in any other case after the expiry of the (5) five years period referred to or during the last (90) ninety days thereof, the Taxpayer may submit the refund application within (90) ninety days from the date on which this balance arises.
The Authority shall review the application submitted under this Article and notify the Taxpayer of its decision as to whether it has accepted or rejected the application.
If the refund application is not submitted according to the deadlines provided for in this Article, the right to claim a refund of the excess Tax paid or the credit balance shall lapse.