PAYMENT OF TAX REFUNDS BY MEANS OF ELECTRONIC TRANSFERS RULES

PAYMENT OF TAX REFUNDS BY MEANS OF

ELECTRONIC TRANSFERS

SUBSIDIARY LEGISLATION 372.31

PAYMENT OF TAX REFUNDS BY MEANS OF

ELECTRONIC TRANSFERS RULES

7th December, 2023

LEGAL NOTICE 281 of 2023.

The title of these rules is the Payment of Tax Refunds by

means of Electronic Transfers Rules.

In these rules, unless the context otherwise requires

"Act" means the Income Tax Management Act;

"Commissioner" shall have the same meaning as

assigned to it in the Income Tax Act;

"Minister" means the Minister responsible for finance.

The Commissioner may effect a tax refund of tax due to

any person in accordance with article 48 of the Act by means of an

electronic transfer of funds.

For the purpose of determining if interest is payable by

the Commissioner in accordance with sub-article (2D) of article 48 of

the Act and, where applicable, in calculating the amount of any such

interest

(a)

when the Commissioner gives banking

instructions for the electronic transfer of funds to a person in

order to effect a a tax refund, using the last known details about

electronic transfers to the said person, it shall be deemed that

the tax has been repaid on the day on which those instructions

were given;

(b)

no account shall be taken of any delay in the tax

refund when such delay is due to the fact that the person

entitled to the repayment has not furnished the Commission full

and updated banking details which are necessary for the

repayment to be made by means of an electronic transfer.

The provisions of rule 4 shall not apply to tax refunds to

which sub-articles (4) or (4A) or the provisos to sub-article (7)(a) of

article 48 of the Act refer.