Section 55 — Tax refund

(1) There shall be refunded to taxpayers, after an audit by the relevant tax authority, such overpayment or any excess of tax as is due.

(2) The relevant tax authority may make such rules and conditions necessary to facilitate the refund mentioned in subsection (1) of this section.

(3) Any tax refund due shall be made within 90 days of the decision of the relevant tax authority made under subsection (2) of this section, with the option of a set-off against any tax liability of the taxpayer.

(4) For the purpose of tax refund, the Accountant-General of the Federation or of a State shall open a dedicated account for each tax-type into which shall be paid money for settling tax refunds.

(5) For the purpose of subsection (4) of this section, the relevant tax authority shall provide the Accountant-General of the Federation or of a State an estimate of the amount to be set aside for tax refunds.

(6) The dedicated accounts created under subsection (4) of this section, shall, be administered by the relevant tax authority and be funded from the respective accounts of Government into which revenue of each tax-type is remitted.

(7) No claim for refund of tax under this section shall be allowed unless it is made in writing within six years after the end of the year of assessment to which it relates.