Singapore legislation
Regulation 64
Regulation 64
Interest on late payment
Subregulation 1
Where the Comptroller fails to make any payment or part thereof due under section 19(5) of the Act within the period specified in regulation 63, the Comptroller shall pay interest at the rate specified in paragraph (3) on the amount of payment outstanding calculated from the day after the period for refund referred to in regulation 63 until such time the payment or part thereof is made.
Subregulation 2
[Deleted by S 691/2011 wef 01/01/2012]
Subregulation 3
For the purpose of paragraph (1) —
where any part of the interest period falls before 1st April 2007, the rate of interest for that part of the interest period shall be 2.13% per annum;
where any part of the interest period falls in the period from 1st April 2007 to 31st December 2007 (both dates inclusive), the rate of interest for that part of the interest period shall be the prime lending rate for 2006;
where any part of the interest period falls in the period from 1st January to 31st March of any year between 2008 and 2023 (both dates and years inclusive), the rate of interest for that part of the interest period shall be the prime lending rate for the year immediately preceding the preceding year; (d)where any part of the interest period falls in the period from 1st April to 31st December of any year between 2008 and 2022 (both dates and years inclusive), the rate of interest for that part of the interest period shall be the prime lending rate for the preceding year;
where any part of the interest period falls in the 6-month period beginning on 1 April of any calendar year beginning with 2023, the rate of interest for that part of the interest period shall be 1.5%-point above the applicable 3-month compounded SORA; and
where any part of the interest period falls in the 6-month period beginning on 1 October of any calendar year beginning with 2023, the rate of interest for that part of the interest period shall be 1.5%-point above the applicable 3-month compounded SORA.
Subregulation 4
In this regulation —
Definition
“3-month compounded SORA” means —
in the case of paragraph (3)(e) — 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;
in the case of paragraph (3)(f) — 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
“interest period” means the period for which interest is payable under paragraph (1);
Definition
“prime lending rate”, in relation to any year, means the average prime lending rate for the months of October, November and December of that year of such financial institution or financial institutions in Singapore as the Minister may determine, rounded to the nearest 0.5%;
Definition
“Singapore Overnight Rate Average” or “SORA”, in relation to any particular day, 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.