There are 11,850 taxpayers - individuals and companies - who are awaiting refunds from the Inland Revenue Department, the Finance Minister said this evening.

They are owed a total of €33.3 million.

The minister, Tonio Fenech, said the refunds were due to five persons in December 2008 while 25 persons were owed their refunds in December 2009.

Refunds for 11,820 taxpayers were due last December.

The IR Department also has to pay €700,000 in interest.

The minister said that the refunds were due to start being paid last month and will continue in the coming months.

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