PART 4 10. For the purposes of sections 12(2)(b) and 18(2)(b) of the Act, an application fee of $2,500 must accompany every application as follows:| (a) | an application for or to renew a street‑hail service licence; | | (b) | an application for or to renew a ride‑hail service licence. |
|
| Periodic fee for licence, etc. |
11.—(1) For the purposes of sections 14(2) and 20(2) of the Act, the period for which a licensee must pay to the LTA a periodic fee is any of the following periods falling within the validity of the licensee’s street‑hail service licence or ride‑hail service licence, as the case may be:| (a) | the period starting the day the licence is granted and ending on (and including) the last day of the licensee’s financial year within which the day the period starts falls; | | (b) | every subsequent financial year or part of a financial year of the licensee. |
(2) For the purposes of sections 14(2) and 20(2) of the Act, the date a licensee must pay to the LTA a periodic fee for a financial year or part of a financial year mentioned in paragraph (1) is —| (a) | where an external auditor has, within 6 months after the last date of the financial year in paragraph (1) or part of a financial year in paragraph (1), audited the licensee’s accounts for that financial year or part of a financial year and given the audited accounts to the licensee — any time within one month after the date the audited accounts are so given; | | (b) | where the licence is revoked before the end of the financial year — any time within one month after the last date the licence is in force; or | | (c) | in any other case — any time within 6 months after the last date of the financial year or part of a financial year, as the case may be. |
|
(3) The periodic fee payable by a licensee for a financial year mentioned in paragraph (1) is —| (a) | for a licensee granted a street‑hail service licence — 0.3% of the licensee’s gross revenue accruing in that financial year or part of a financial year from the provision of the street‑hail service authorised by that licence; or | | (b) | for a licensee granted a ride‑hail service licence — 0.6% of the licensee’s gross revenue accruing in that financial year or part of a financial year from the provision of the ride‑hail service authorised by that licence. |
|
| (4) However, where only part of a financial year falls within the validity of the licensee’s street‑hail service licence or ride‑hail service licence, the periodic fee payable for that part of a financial year is an amount of the periodic fee payable for the financial year computed on a pro‑rata basis, based on the proportion that the number of whole months of that part of the financial year bears to that whole financial year. |
(5) In this regulation, “external auditor”, in relation to a licensee, means —| (a) | a company, firm or limited liability partnership approved as an accounting corporation, accounting firm or accounting limited liability partnership, respectively, under the Accountants Act 2004; or | | (b) | a person, not being an employee of the licensee, who is registered or deemed to be registered as a public accountant under the Accountants Act 2004. |
|
|
| Waiver, refund, etc., of fees |
12. The LTA may in any particular case —| (a) | refund, in whole or part, any fee mentioned in these Regulations; or | | (b) | waive or reduce, in whole or part, any fee mentioned in these Regulations. |
|
| Interest on late payments |
13.—(1) For the purposes of section 47(1) of the Act, interest on any outstanding amount of any fee or penalty mentioned in that section accrues at the rate of 4.5 percentage points above the 3‑month compounded SORA on the outstanding amount for the period —| (a) | starting the first day that fee or penalty or part of it is in arrears; and | | (b) | ending the day that fee or penalty or part of it in arrears is paid in full to the LTA. |
(2) In this regulation —“3-month compounded SORA”, in relation to a period, means —| (a) | for the period or part of the period that falls within the 6‑month period beginning on 1 April of a calendar year, then, for the period or the part (as the case may be) — the compounded average of the SORA values for a 3‑month period computed by the Monetary Authority of Singapore using the prescribed methodology, and published —| (i) | on its Internet website at https://www.mas.gov.sg; or | | (ii) | where the website is unavailable to the public, in any other form that is readily accessible by the public, |
| on either of the following days: |
| (iii) | if 1 March of that calendar year is a business day — that day; | | (iv) | if 1 March of that calendar year is not a business day — the last business day in February of that calendar year; or |
| | (b) | for the period or part of the period that falls within the 6-month period beginning on 1 October of a calendar year, then, for the period or the part (as the case may be) — the compounded average of the SORA values for a 3-month period computed by the Monetary Authority of Singapore using the prescribed methodology, and published —| (i) | on its Internet website at https://www.mas.gov.sg; or | | (ii) | where the website is unavailable to the public, in any other form that is readily accessible by the public, |
| on either of the following days: |
| (iii) | if 1 September of that calendar year is a business day — that day; | | (iv) | if 1 September of that calendar year is not a business day — the last business day in August of that calendar year; |
|
|
| “bank holiday” means a day declared by the Monetary Authority of Singapore to be a bank holiday under section 60(1) of the Banking Act 1970; |
| “business day” means any day other than a Saturday, Sunday, public holiday or bank holiday; |
| “prescribed methodology” means the methodology set out in the document called “Compounded Singapore Overnight Rate Average Index (“SORA Index”), Compounded SORA and MAS Floating Rate Notes (“MAS FRN”): A User Guide” dated 16 March 2021; |
“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 published by the Monetary Authority of Singapore —| (a) | on its Internet website at https://www.mas.gov.sg; or | | (b) | where the website is unavailable to the public, in any other form that is readily accessible by the public. |
|
|
|
|