4.5 VAT DECLARATION -
refunded or is transferred to the next VAT
PAYMENT/REFUND OF VAT
quarters.
VAT returns must be submitted quarterly
As from 19th February 2013 taxpayers who
and the payment of the VAT must be made
make a claim for VAT refund will be entitled
by the 10th day of the second month that
to repayment of the principal amounts
follows the month in which the tax period
together with interest in the event that the
ends.
repayment
VAT registered persons have the right to
exceeding four months from the date of the
request for a different filing period. The
submission of the claim. The grace period
approval of the Commissioner of Taxation
for the Tax Department to repay the
is required. The Commissioner of Taxation
refundable amounts is extended by four
also has the right to request from a taxable
months (i.e. eight months in total) in the
person to file his VAT returns for a different
event
period. Where in a quarter input tax is
carrying out an investigation in relation to
higher than output tax, the difference is
the submitted claim.
that
is
the
delayed
Tax
for
a
period
Commissioner
12
is