/akn/sg/act/sub_leg/2022/EVCA-S792-2023

Electric Vehicles Charging (Interest on Late Fees and Financial Penalties) Regulations 2023

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Type: Subsidiary Legislation
Status: In force
Enacted: 2022
Sections: 2

Quick answer

About this subsidiary legislation

Electric Vehicles Charging (Interest on Late Fees and Financial Penalties) Regulations 2023 is Singapore Subsidiary Legislation, cited as Subsidiary Legislation EVCA-S792-2023 2022, currently marked in force and first recorded in 2022.

Regulation 1

Citation and commencement

These Regulations are the Electric Vehicles Charging (Interest on Late Fees and Financial Penalties) Regulations 2023 and come into operation on 8 December 2023.

Regulation 2

Interest on late payment of fees and financial penalties

Subregulation 1

For the purpose of section 90(1) of the Act, the prescribed rate of interest on any outstanding amount of any fee or financial penalty mentioned in that provision is the rate of 4.5%‑point above the 3‑month compounded SORA.

Subregulation 2

Interest at the rate mentioned in paragraph (1) is to be calculated on the outstanding sum, and is payable for the period —

(a)

starting on the day after payment of the outstanding sum is due; and

(b)

up to and ending on the day that the payment is made to the LTA.

Subregulation 3

In paragraph (1) —

Definition

“3-month compounded SORA”, in relation to a period, means —

(a)

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 https://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

(b)

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 https://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 https://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.

Common questions

What is Electric Vehicles Charging (Interest on Late Fees and Financial Penalties) Regulations 2023?: Electric Vehicles Charging (Interest on Late Fees and Financial Penalties) Regulations 2023 is Singapore Subsidiary Legislation, cited as Subsidiary Legislation EVCA-S792-2023 2022, currently marked in force and first recorded in 2022.
Is Electric Vehicles Charging (Interest on Late Fees and Financial Penalties) Regulations 2023 still in force?: Yes — Electric Vehicles Charging (Interest on Late Fees and Financial Penalties) Regulations 2023 is currently in force.
When did Electric Vehicles Charging (Interest on Late Fees and Financial Penalties) Regulations 2023 take effect?: Electric Vehicles Charging (Interest on Late Fees and Financial Penalties) Regulations 2023 was first recorded in 2022.
How many regulations does Electric Vehicles Charging (Interest on Late Fees and Financial Penalties) Regulations 2023 have?: Electric Vehicles Charging (Interest on Late Fees and Financial Penalties) Regulations 2023 contains 2 regulations.
Where can I read the official version of Electric Vehicles Charging (Interest on Late Fees and Financial Penalties) Regulations 2023?: The official text of Electric Vehicles Charging (Interest on Late Fees and Financial Penalties) Regulations 2023 is published at sso.agc.gov.sg.