S.L. 123.206 Art. 5Repayment of excess tax credit. Cap. 372.

(1) Where it results that the tax credit granted to the company exceeds the tax credit allowable in accordance with these rules, the company shall repay such excess to the Commissioner.

(2) A repayment of the excess tax credit shall be payable with interest calculated at rates stipulated in article 44(2A) of the Income Tax Management Act and for the purposes of that article, the said repayment shall be deemed to have become payable by the company on the tax settlement date for the year of assessment or years of assessment for which the excess was claimed.

(3) The liability of the company to make a repayment arises also if the excess tax credit results from the recovery by the company of an amount by insurance, litigation, arbitration or other source on a date that is later than the date on which the excess was claimed, but in such a case the repayment shall be deemed to have become due and payable to the Commissioner on such later date.