Section 50A
Fund for Tax Refund
of Petroleum (Income Tax) Act 1967
ActIn forceProvision 63 of 124
Section 50A
(1)
There shall be paid from time to time into the Fund established under section 111B of the Income Tax Act 1967 such amount of tax collected under this Act as may be authorized by the
Minister.
(2)
The money of the Fund referred to in subsection (1), shall be applied for the making of a refund of an amount of tax paid in excess of the amount payable as ascertained in section 50.
(3)
Section 14A of the Financial Procedure Act 1957 shall not apply to any refund in excess of the amount payable as ascertained in section 50.