Section 50
Refund of overpayments
of Petroleum (Income Tax) Act 1967
Subject to this section, where it is proved to the satisfaction of the Director General that any chargeable person has paid tax for any year of assessment in excess of the amount payable under this Act, the chargeable person shall be entitled to have the excess refunded by the
Government.
(2)
No claim for repayment under this section shall be valid unless it is made within five years after the end of the year of assessment to which the claim relates.
(3)
Nothing in this section shall operate—
(a)
to extend any time limit for appeal, validate any appeal which is otherwise invalid or authorize the revision of any assessment or other matter which has become final and conclusive; or
(b)
to compel the Government to refund the excess amount of tax paid (by deduction or otherwise) in respect of an assessment unless the assessment has been finally determined.
(4)
Any amount of excess in respect of tax payable for a year of assessment which is to be refunded to a person under subsection (1)
may be utilized by the Director General for the payment of—
(a)
any other amount of tax which is due and payable
(including any amount of instalments which are due and payable) by the person under this Act, the Income Tax Act 1967, the Real Property Gains Tax Act 1976 [Act 169] or the Labuan Business Activity Tax Act 1990 [Act 445]; or
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(b)
any other amount of duty which is due and payable by the person under the Stamp Act 1949 [Act 378].
(5)
Where amount of excess in respect of a person is ascertained in accordance with subsection 80C(1) of the Stamp Act 1949, subsection 111(4A) of the Income Tax Act 1967, subsection 24(7a) of the Real Property Gains Tax Act 1976 or subsection 12(2) of the
Labuan Business Activity Tax Act 1990 such excess shall be applied for the payment of tax which is due and payable (including any amount of instalments which are due and payable) by that person under this
Act.