Cross-Border Railways (Late Payment Interest Rate) Regulations 2026

The text

reg 1Citation and commencement

These Regulations are the Cross-Border Railways (Late Payment Interest Rate) Regulations 2026 and come into operation on 29 September 2026.

reg 2Late payment interest rate

Subregulation 1

For the purpose of section 41(1) of the Act, the prescribed rate of interest on any outstanding amount of any fee or financial penalty mentioned in that provision is the rate of 4.5%‑point above the 3‑month compounded SORA.

Subregulation 2

The interest mentioned in paragraph (1) is to be calculated on the outstanding amount, and is payable for the period —

(a)

starting on the date after payment of the outstanding amount is due; and

(b)

up to and ending on the date that the payment is made to the LTA.

Subregulation 3

In this regulation —

“3-month compounded SORA”, in relation to a period, means —

(a)

if the period or a part of the period falls within the 6‑month period beginning on 1 April of a calendar year, then, for the period or part (as the case may be) — the compounded average of the SORA values for a 3‑month period computed by the Monetary Authority of Singapore using the prescribed methodology, and published —

(i)

on its Internet website at https://www.mas.gov.sg; or

(ii)

where the website is unavailable to the public, in any other form that is readily accessible by the public,on either of the following days:

(iii)

if 1 March of that calendar year is a business day — that day;

(iv)

if 1 March of that calendar year is not a business day — the last business day in the February of that calendar year; or

(b)

if the period or a part of the period falls within the 6‑month period beginning on 1 October of a calendar year, then, for the period or the part (as the case may be) — the compounded average of the SORA values for a 3‑month period computed by the Monetary Authority of Singapore using the prescribed methodology, and published —

(i)

on its Internet website at https://www.mas.gov.sg; or

(ii)

where the website is unavailable to the public, in any other form that is readily accessible by the public,on either of the following days:

(iii)

if 1 September of that calendar year is a business day — that day;

(iv)

if 1 September of that calendar year is not a business day — the last business day in August of that calendar year;

“business day” means any day other than a Saturday, Sunday or public holiday;

“prescribed methodology” means the methodology set out in the document called “Compounded Singapore Overnight Rate Average Index (“SORA Index”), Compounded SORA and MAS Floating Rate Notes (“MAS FRN”): A User Guide” dated 16 March 2021;

“Singapore Overnight Rate Average” or “SORA” means the volume‑weighted average rate of borrowing transactions in the unsecured overnight interbank Singapore dollar cash market in Singapore between 8 a.m. and 6.15 p.m., as published by the Monetary Authority of Singapore —

(a)

on its Internet website at https://www.mas.gov.sg; or

(b)

where the website is unavailable to the public, in any other form that is readily accessible by the public.