Singapore legislation
Regulation 10
of Central Provident Fund (Financial Penalties) Regulations 2016
Regulation 10
Interest for late payment of financial penalty
Subregulation 1
An approved provider is liable to pay interest on the amount of the financial penalty remaining unpaid after the expiry of the payment period for the financial penalty, at the rate of 4.5% points above the 3‑month compounded SORA for the period during which the financial penalty remains unpaid after the expiry of the payment period for the financial penalty.
Subregulation 2
The Board may, at any time before an appeal is lodged under regulation 11(1) against the imposition of the interest, waive (in whole or part) the payment of the interest.
Subregulation 3
In this regulation —
Definition
“3-month compounded SORA”, in relation to a period, means —
if the period or a part of the period falls within the 6‑month period beginning on 1 April of a calendar year, then, in relation to the period or the part (as the case may be) — 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; or
if the period or a part of the period falls within the 6‑month period beginning on 1 October of a calendar year, then, in relation to the period or the part (as the case may be) — 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
“payment period for the financial penalty” means —
the period specified under regulation 9(4) or extended under regulation 9(5) (as the case may be) for the payment of the financial penalty; or
the period for which the payment of the financial penalty is suspended under regulation 11(3) (if applicable),whichever period expires later;
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 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.