1. The Taxpayer may submit an application to the Authority for the refund of any credit balance to which the Taxpayer is entitled under the provisions of the Tax Law, where it is established that such credit balance exceeds the Payable Tax and Administrative Fines, in accordance with the procedures specified in the Executive Regulations. 2. The refund application shall be submitted within a period not exceeding five (5) years from the end of the Tax Period to which any of the following applies, as the case may be: a. The period in which the excess payment was made, where the credit balance results from Tax paid in excess. b. The period in respect of which the Tax Return, Voluntary Disclosure was submitted, or the Tax Assessment was issued, where the credit balance results from a Tax Return, Voluntary Disclosure submitted to the Authority, or a decision issued thereby. c. The period in which the credit balance arose, in any other case. 3. Notwithstanding the provisions of Clause (2) of this Article, where a credit balance arises as a result of a decision issued by the Authority after the expiry of the aforementioned five-year period or during the last ninety (90) days thereof, the Taxpayer may submit a refund application within one year from the date on which such credit balance arose. 4. Without prejudice to Clause (3) of this Article, where a credit balance arises in any other case after the expiry of the said five-year period or during the last ninety (90) days thereof, the Taxpayer may submit a refund application within ninety (90) days from the date on which the credit balance arose. 5. The Authority shall review the application submitted under this Article and shall notify the Taxpayer of its decision to either approve or reject the application. 6. Where a refund application is not submitted within the timeframes specified in this Article, the right to claim a refund of any overpaid Tax or credit balance shall lapse.
Interpretation and application must be checked against the official text and current version.