S.L. 372.31 Art. 4Calculation of interest.

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.