Housing and Development (Penalties for Late Payment — Markets and Food Centres) Rules

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 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 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 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;“agreement” includes any tenancy agreement, licence agreement or agreement for lease or lease entered into between the Board and any tenant, licensee or lessee referred to in rule 3;“amount” means any rent, licence fee, service and conservancy charge, table cleaning charge or such other charge payable under an agreement or any goods and services tax payable in respect thereof;“financial year” means a period of 12 months ending on 31st March in any year;“goods and services tax” means the prevailing goods and services tax payable under the Goods and Services Tax Act (Cap. 117A);“National Environment Agency” means the National Environment Agency established under the National Environment Agency Act (Cap. 195);“rent” includes the annual ground rent;“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.

any market or food centre or part thereof which is owned by the Board and managed by the National Environment Agency; or

any stall in any such market or food centre.