Singapore legislation
Regulation 8
Regulation 8
Interest in case of default
Subregulation 1
For the purposes of section 38 of the Act, if any land betterment charge is not paid before the end of the time delimited by or under section 24(1) or (2) of the Act, the interest payable by a taxable person is, for any part of the period when interest is payable, 4.5%-point above the 3-month compounded SORA for that part of the period.
Subregulation 2
Interest at the rate in paragraph (1) is to be calculated on the amount of payment outstanding, starting the day payment of any land betterment charge is due up to and ending the date that the payment is duly made to the Authority.
Subregulation 3
In this regulation —
Definition
“3-month compounded SORA”, in relation to a period, means —
if the period falls within the 6-month period beginning on 1 April of a calendar year — 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 http://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; or
if the period falls within the 6-month period beginning on 1 October of a calendar year — 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 http://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
“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 determined and published by the Monetary Authority of Singapore on its website at http://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.