Regulation 64
Interest on late payment
of Goods and Services Tax (General) Regulations 1993
Subregulation 1
Where the Comptroller fails to make any payment or part of any payment, due under section 19(5) of the Act, within the period specified in regulation 63, the Comptroller must pay interest at the rate specified in paragraph (2) on the amount of payment outstanding calculated from the day after the period for refund referred to in regulation 63 until such time the payment or part of the payment is made.
Subregulation 2
For the purpose of paragraph (1) —
where any part of the interest period falls before 1 April 2007 — the rate of interest for that part of the interest period is 2.13% per annum;
where any part of the interest period falls in the period from 1 April 2007 to 31 December 2007 (both dates inclusive) — the rate of interest for that part of the interest period is the prime lending rate for 2006;
where any part of the interest period falls in the period from 1 January to 31 March of any year between 2008 and 2023 (both dates and years inclusive) — the rate of interest for that part of the interest period is the prime lending rate for the year immediately preceding the preceding year; (d)where any part of the interest period falls in the period from 1 April to 31 December of any year between 2008 and 2022 (both dates and years inclusive) — the rate of interest for that part of the interest period is the prime lending rate for the preceding year;
where any part of the interest period falls in the 6‑month period beginning on 1 April of any calendar year beginning with 2023 — the rate of interest for that part of the interest period is 1.5% points above the applicable 3‑month compounded SORA; and
where any part of the interest period falls in the 6‑month period beginning on 1 October of any calendar year beginning with 2023 — the rate of interest for that part of the interest period is 1.5% points above the applicable 3‑month compounded SORA.
Subregulation 3
In this regulation —
Definition
“3‑month compounded SORA” means —
in the case of paragraph (2)(e) — the compounded average of the SORA values for the 3‑month period immediately before 1 March of the same calendar year, as determined and published by the Monetary Authority of Singapore on its website at https://www.mas.gov.sg or (where the website is unavailable to the public) in one or more other forms that are readily accessible by the public;
in the case of paragraph (2)(f) — the compounded average of the SORA values for the 3‑month period immediately before 1 September of the same calendar year, as determined and published by the Monetary Authority of Singapore on its website at https://www.mas.gov.sg or (where the website is unavailable to the public) in one or more other forms that are readily accessible by the public;
Definition
“interest period” means the period for which interest is payable under paragraph (1);
Definition
“prime lending rate”, in relation to any year, means the average prime lending rate for the months of October, November and December of that year of such financial institution or financial institutions in Singapore as the Minister may determine, rounded to the nearest 0.5%;
Definition
“Singapore Overnight Rate Average” or “SORA”, in relation to any particular day, 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 determined and published by the Monetary Authority of Singapore on its website at https://www.mas.gov.sg or (where the website is unavailable to the public) in one or more other forms that are readily accessible by the public.