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12.3. Refund of VAT to Non-Residents

The taxpayer is entitled to offset VAT paid on purchase of goods and services used for business purposes against VAT charged on sales of goods and / or services. If VAT paid on purchases exceeds VAT charged on sales, then resulting VAT credit can be carried forward to next 6 consecutive tax period as deductible input tax. A refund of excess VAT paid can be requested after 6 tax periods from the tax authorities.