If VAT paid on purchases exceeds VAT charged on sales, then resulting VAT credit is carried forward and credited against the VAT due in subsequent tax periods. However, under certain circumstances, a refund of excess VAT paid can also be granted within 30 days of the claim filed by the taxpayer.
Tax Research & Compliance
The world’s most complete array of cross-border tax analysis and data
The world’s most complete array of cross-border tax analysis and data