(1) Where the Comptroller is satisfied that any person has paid tax for any year of income, by deduction or otherwise in excess of the amount finally determined to be payable under this Act for such year of income, that person shall subject to section 100, be entitled to have the amount of the excess refunded.
(2) Despite subsection (1), where any tax is due and payable and unpaid in respect of any other year of income or any tax, interest or penalty is due and payable and unpaid under any other Act under the administration or management of the Inland Revenue Department the Comptroller, instead of refunding the amount of the excess, may apply such excess towards such other unpaid tax and shall notify the person accordingly.
(3) Subject to section 113(8) any refund of tax due and payable under subsection (1) which is not paid 6 months after the date of assessment shall bear interest at the rate of 4% per year for the additional period during which it remains unpaid.
(4) Subsection (3) shall apply to income tax returns filed with the Comptroller of Inland Revenue for the income year 1998 and succeeding income years.
(Acts 11 of 1998 and 9 of 2001)