Section 56 — Value Added Tax refund

(1) A taxable person that qualifies for VAT refund shall make a request to the Service in the prescribed form.

(2) The request referred to in subsection (1) of this section shall be made not later than 12 months after the transaction giving rise to the refund, otherwise it shall lapse.

(3) Where a valid request is received from a taxable person, the Service shall not later than 30 days of the receipt of that request, refund the tax to the taxable person or the amount shall be eligible for set-off against any tax liability of the taxpayer.