Payment of Tax and Administrative Penalties in Cases of Bankruptcy – Article 27 – Federal Tax Procedures Executive Regulations

Article 27 – Payment of Tax and Administrative Penalties in Cases of Bankruptcy

1. Where a Business or part thereof is subject to bankruptcy, and a trustee is appointed, the trustee shall be treated as representing the Person in respect of its Business or part thereof until the expiration date of its appointment.

2. The appointed bankruptcy trustee shall notify the Authority of his appointment within (20) twenty Business Days from the appointment date in accordance with Article 8 of this Decision.

3. The Authority shall notify the appointed bankruptcy trustee of the amount of the Due Tax and of its intention to perform a Tax Audit for specific Tax Period(s), within (20) twenty Business Days after being notified of the trustee’s appointment under Clause 2 of this Article.

4. The appointed bankruptcy trustee shall settle any Payable Tax to the Authority in accordance with the Payable Tax settlement mechanism under the Decree-Law and the Tax Law.