Tax refunds by electronic transfer

The Payment of Tax Refunds by means of Electronic Transfers Rules have been published by LN 281 of 2023.

The rules enable the Commissioner for Tax & Customs to effect the refund of tax due pursuant to article 48 of the Income Tax Management Act by means of an electronic transfer of funds and, for the purposes of determining any interest due for late payment of refunds, establish the date of the issuance of the banking instruction for electronic payment to be the date of payment of the refund (with the exclusion of tax refunds payable under articles 48 (4), 48 (4A) or the provisos to sub-article 48 (7)(a) .