(1) Where the Commissioner-General is satisfied that a person has paid excess tax, either on application for a refund by that person, or by reason of an order of a court or tribunal, the Commissioner-General shall

(a) apply the excess in reduction of any outstanding tax liability of the person; and

(b) refund the remainder to the person within ninety days of making the decision.

(2) Where the Commissioner-General accepts to refund part of the excess tax applied for by a person, the Commissioner-General shall refund the amount accepted, irrespective of whether the person files an objection against the decision of the Commissioner-General.

(3) Where, the Commissioner-General fails to refund the excess tax to the person within ninety days as specified in subsection (1)(b), the Commissioner-General is liable to pay interest on the amount.

(4) The interest is calculated as fifty per cent of the statutory rate and is for the period

(a) commencing on the earlier of

(i) the date the Commissioner-General makes a refund decision under section 67; and

(ii) the day the person files an objection against the tax decision that gave rise to payment of the excess tax; and

(b) ending on the day the refund is made.

(5) Interest paid by a person under a tax law with respect to tax not paid on time shall, to the extent that the tax is found not to have been payable, be refunded to the person, with any interest under subsection (4).

(6) Where the Commissioner-General refunds tax in error, the Commissioner-General may recover the refund as a tax liability.