Singapore legislation
Regulation 4
of Town Councils (Penalties and Interest for Late Payment of Improvement Contributions) Rules 2005
Regulation 4
Interest on late payment
Subregulation 1
No interest under this rule shall be payable by a lessee or owner during the grace period in respect of any improvement contribution, or any part thereof, due from him and in arrears.
Subregulation 2
Subject to paragraph (1), where any improvement contribution or part thereof is in arrears, the Town Council concerned shall be entitled to impose interest on the lessee or owner for late payment of any improvement contribution at the following rates:
where the lessee or owner is a citizen of Singapore — the prevailing HDB concessionary interest rate on the first day of each month the improvement contribution or part thereof is in arrears; or
in any other case — the prevailing HDB market interest rate on the first day of each month the improvement contribution or part thereof is in arrears.
Subregulation 3
Such interest shall —
be payable from the first day of the first month immediately following any grace period for that improvement contribution until all of the improvement contribution is paid to the Town Council concerned; and
be calculated on the first day of each month on the improvement contribution or part thereof from time to time outstanding (together with interest) at the end of each preceding month.
Subregulation 4
The prevailing HDB concessionary interest rate or prevailing HDB market interest rate at any particular time shall be the HDB concessionary interest rate or HDB market interest rate, as the case may be, specified by the Board at its Internet website in respect of that particular time.