(1) Where a taxable person is entitled to a refund of tax under this Act, the Commissioner General shall pay the refund within thirty days after receipt of the application, where

(a) the previous returns have been submitted by the due dates with no tax for any period outstanding, and

(b) the amounts of tax, penalties and interest from previous tax periods have been paid by the due dates.

(2) Where

(a) the conditions specified in paragraph (a) of subsection (1) have not been fulfilled, the Commissioner-General shall reject the claim for refund, and

(b) the amounts specified in paragraph (b) of subsection (1) have not been paid, the Commissioner-General shall offset any entitlement for a refund against the amounts due, and notify the applicant of the decision in writing within thirty days after receipt of the application.

(3) Where the Commissioner-General fails to pay a refund of tax relating to an excess under section 50 within the period specified in section 50 or subsection (1) of this section, the Commissioner-General is required to pay the taxable person entitled to the refund an additional amount as interest at the prevailing Bank of Ghana discount rate plus one quarter of that rate each day, commencing on the day after the period within which the Commissioner-General is required to pay the refund and ending on the date that the payment of the refund is made.