Article 26 - Credit Balance Refund Procedures ^[4][G5]

A Taxpayer who is entitled to refund of [credit balance]^[G6] under the Tax Law or the Decree-Law may apply for the refund in the form and manner approved by the Authority.

The Authority shall decide on the refund application submitted under Clause (1) of this Article and notify the Taxpayer of its decision within (20) twenty Business Days from the date of submission of the refund application, or within any other period required to decide on the refund application, provided that the Taxpayer has been duly notified.

Where the Authority approves a refund application, it shall, within (5) five Business Days from the date of the Notification under Clause (2) of this Article, initiate the procedures of repayment to the Taxpayer in accordance with the mechanism determined by the Authority.

The Authority may defer the [credit balance]^[G6] refund until the receipt of Tax Returns that have not been submitted at the time its refund application is received, until such time when all due Tax Returns are submitted to the Authority. Any excess amount shall be refundable once such Tax Returns are submitted, in accordance with the Decree-Law and the Tax Law.