Singapore legislation
Regulation 49
Regulation 49
Periodic fees
Subregulation 1
In addition, the certified operator of an aerodrome must pay annually to the Authority, for every period of 12 months (or part of such a period) that the aerodrome certificate or heliport certificate held by the certified operator is in force, the fee specified in the Second Schedule for that certificate according to the type of aerodrome which is not a heliport or the heliport covered by the certificate.
Subregulation 2
The annual fee referred to in paragraph (1) for an aerodrome certificate or heliport certificate must be paid no later than the eve of the anniversary of the date the aerodrome certificate was granted or deemed granted under these Regulations, or any later day that the Director‑General of Civil Aviation may specify in any particular case.
Subregulation 3
If a certified operator of an aerodrome fails to pay in full the annual fee by the due date for payment under paragraph (2), interest for late payment of any such fee is payable, and the amount in arrears is recoverable as a civil debt due to the Authority.
Subregulation 4
Interest under paragraph (3) accrues daily at the rate of 4.5%‑point above the 3‑month compounded SORA for the period —
starting the first day the annual fee or part of it is in arrears; and
ending the day that the annual fee in arrears is paid in full to the Authority.
Subregulation 5
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 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;
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 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.