Regulation 1
Citation and commencement
These Regulations are the Inland Revenue Authority of Singapore (Prescribed Interest Rate for Section 17D) Regulations 2024 and come into operation on 1 November 2024.
/akn/sg/act/sub_leg/1992/IRASA-S822-2024
Inland Revenue Authority of Singapore (Prescribed Interest Rate for Section 17D) Regulations 2024
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- Type
- Subsidiary Legislation
- Status
- In force
- Enacted
- 1992
- Sections
- 2
Quick answer
About this subsidiary legislation
Inland Revenue Authority of Singapore (Prescribed Interest Rate for Section 17D) Regulations 2024 is Singapore Subsidiary Legislation, cited as Subsidiary Legislation IRASA-S822-2024 1992, currently marked in force and first recorded in 1992.
Regulation 2
Prescribed interest rate for failure to pay claim amount
Subregulation 1
For the purposes of section 17D of the Act, the prescribed rate of interest on the outstanding claim amount mentioned in that section is 4.5% points above the 3‑month compounded SORA for the period —
(a)
starting on the date after the end of the payment period mentioned in that section; and (b)ending on the date the claim amount mentioned in that section is paid to the Authority in full.
Subregulation 2
In this regulation —
Definition
“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 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 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 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;
Definition
“bank holiday” means a day declared by the Monetary Authority of Singapore to be a bank holiday under section 60(1) of the Banking Act 1970;
Definition
“business day” means any day other than a Saturday, Sunday, public holiday or bank holiday;
Definition
“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;
Definition
“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.
Common questions
- What is Inland Revenue Authority of Singapore (Prescribed Interest Rate for Section 17D) Regulations 2024?
- Inland Revenue Authority of Singapore (Prescribed Interest Rate for Section 17D) Regulations 2024 is Singapore Subsidiary Legislation, cited as Subsidiary Legislation IRASA-S822-2024 1992, currently marked in force and first recorded in 1992.
- Is Inland Revenue Authority of Singapore (Prescribed Interest Rate for Section 17D) Regulations 2024 still in force?
- Yes — Inland Revenue Authority of Singapore (Prescribed Interest Rate for Section 17D) Regulations 2024 is currently in force.
- When did Inland Revenue Authority of Singapore (Prescribed Interest Rate for Section 17D) Regulations 2024 take effect?
- Inland Revenue Authority of Singapore (Prescribed Interest Rate for Section 17D) Regulations 2024 was first recorded in 1992.
- How many regulations does Inland Revenue Authority of Singapore (Prescribed Interest Rate for Section 17D) Regulations 2024 have?
- Inland Revenue Authority of Singapore (Prescribed Interest Rate for Section 17D) Regulations 2024 contains 2 regulations.
- Where can I read the official version of Inland Revenue Authority of Singapore (Prescribed Interest Rate for Section 17D) Regulations 2024?
- The official text of Inland Revenue Authority of Singapore (Prescribed Interest Rate for Section 17D) Regulations 2024 is published at sso.agc.gov.sg.