Singapore legislation
Regulation 3
of Housing and Development (Interest and Penalties for Late Payment of Improvement Contributions) Rules
Regulation 3
Calculation of penalties for improvement contribution or instalment in arrears
Subregulation 1
No penalty under this rule shall be payable by a lessee or owner during the grace period in respect of any improvement contribution or instalment, or any part thereof, due from the lessee or owner and in arrears.
Subregulation 2
Subject to paragraph (1), any lessee or owner who fails to pay to the Board any improvement contribution or instalment due from him shall be liable to pay to the Board, in respect of the improvement contribution or instalment or any part thereof in arrears, a penalty specified in paragraph (3) for the period in which the improvement contribution or instalment or part thereof is in arrears.
Subregulation 3
The penalty mentioned in paragraph (2) 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 improvement contribution or instalment or part thereof is in arrears.