Singapore legislation
Regulation 4
of Housing and Development (Penalties for Late Payment — Markets and Food Centres) Rules
Regulation 4
Calculation of penalties for rent, etc., in arrears
Subregulation 1
Any tenant, licensee or lessee who fails to pay to the Board any amount or part thereof due under any agreement on the day the amount falls due shall be liable to pay to the Board, in respect of the amount or any part thereof in arrears, a penalty specified in paragraph (2) for the period in which the amount or part thereof is in arrears.
Subregulation 2
The penalty is a sum that is calculated at a rate of 4.5%-point above the 3-month compounded SORA for the period in which the amount or part thereof is in arrears.
Subregulation 3
The penalty accrued under paragraph (2) shall not be added to and shall not be regarded as part of the amount outstanding for the purposes of calculating a future penalty.