60. Where an overpayment by an operator is refunded or applied to another liability, interest at the rate fixed in accordance with section 50 is paid to him on such excess for the period ending on the day of such refund or application and commencing on the latest of the following dates:
(a) the day when the overpayment was made;
(b) the day on or before which the return giving rise to the payment of the duties was required to be filed; or
(c) the day when the operator filed such return.
However, no interest shall be paid when the amount computed under this section is less than $1.
For the purposes of this section, the overpayment referred to in the first paragraph must be reduced by an amount equal to that determined by the Minister as a credit on duties refundable for losses.
1975, c. 30, s. 60; 1989, c. 43, s. 6.