Regulation 8

SBS Transit Ltd shall furnish to the Chief Assessor, by 1st July of each year, a statement certified by a person qualified for registration as a public accountant under the Accountants Act (Cap. 2) and showing for the preceding year the gross receipts from the operation of any relevant rapid transit system or part thereof.

The Chief Assessor may at any time serve on any person a notice requiring him to furnish within 21 days from the date of the notice the total receipts from any trade or business referred to in paragraph (c) of the definition of “gross receipts” in paragraph 2.

Any person who fails to comply with sub-paragraph (1) or (2) without reasonable excuse shall be guilty of an offence and shall be liable on conviction to a fine not exceeding $2,000.