Singapore legislation
Regulation 13
of Point-to-Point Passenger Transport Industry Regulations 2020
Regulation 13
Interest on late payments
Subregulation 1
For the purposes of section 47(1) of the Act, interest on any outstanding amount of any fee or penalty mentioned in that section accrues at the rate of 4.5 percentage points above the 3‑month compounded SORA on the outstanding amount for the period —
starting the first day that fee or penalty or part of it is in arrears; and
ending the day that fee or penalty or part of it in arrears is paid in full to the LTA.
Subregulation 2
In this regulation —
Definition
“3-month compounded SORA”, in relation to a period, means —
for the period or part of the period that 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 —
on its Internet website at https://www.mas.gov.sg; or
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:
if 1 March of that calendar year is a business day — that day;
if 1 March of that calendar year is not a business day — the last business day in February of that calendar year; or
for the period or part of the period that 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 —
on its Internet website at https://www.mas.gov.sg; or
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:
if 1 September of that calendar year is a business day — that day;
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 —
on its Internet website at https://www.mas.gov.sg; or
where the website is unavailable to the public, in any other form that is readily accessible by the public.