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Repayment

What is a repayment? 

Penalties imposed by the tax enforcement authorities are deemed to have been extinguished upon expiry of the limitation period. The limitation period is generally five years; in the case of tax offences, it is three years. The limitation period begins as soon as penalties have been enforced or waived, or the period for enforcement has expired. Penalties that have been extinguished must not be taken into account when determining the severity of a new penalty. There is also no obligation to disclose extinguished penalties when questioned by courts or authorities. 

 

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