Article 28 outlines the mechanism for paying Value Added Tax (VAT) on imported goods. It mandates the General Customs Department to collect the tax due on imports according to its established procedures, subsequently transferring the collected funds to a designated account agreed upon by the Ministry of Finance and the Authority. The article provides a key provision allowing the Authority to grant a Taxable Person a deferral on the payment of VAT for goods imported for their Economic Activity. This deferral is subject to terms specified in the Regulations, and the Taxable Person must declare the deferred amount in their Tax Return.
Chapter 11 - Tax Payment
Article 28
The General Customs Department shall collect the Tax due on imports in accordance with its procedures and transfer the Tax to the account determined by agreement between the Ministry of Finance and the Authority.
Notwithstanding paragraph 1 of this article, the Authority may allow a Taxable Person to defer the payment of Tax due on Goods imported for the purposes of an Economic Activity in accordance with the terms and conditions of the Regulations. The Taxable Person must declare the deferred payment in his Tax Return in all cases.
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