Refunds

# (a)

Estimated tax payments which in total exceed net tax liabilities (which have been reduced by a tax credit) give rise to a refund.

# (b)

If there is no gross tax liability, tax credits may not be claimed.

# (c)

# (1)

If the available tax credit exceeds a taxpayer's gross tax liability and the taxpayer made estimated income tax payments, a refund would be allowable up to, but not exceeding, the amount of the taxpayer's estimated income tax payments.

# (2)

See Annex 1 attached hereto for examples.