2.—(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.(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. |
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(3) In paragraph (1) —“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; |
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| “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. |
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