(1) The tax, interest and penalties collected under this Act shall be paid into the Consolidated Fund in accordance with the financial regulations.

(2) Notwithstanding subsection (1) the Minister may with the approval of Parliament set aside such percentage as Parliament may approve in an account designated as VAT Refund Account out of which refund due under this Act; proven overpayment of tax, payment made by non-taxable persons and payments made on non-taxable supply can be refunded.