Property Tax (North-East Line, Punggol Light Rapid Transit and Sengkang Light Rapid Transit) Order 2006

No. S 296

Property Tax Act

(Chapter 254)

Property Tax (North-east Line, Punggol Light Rapid Transit and Sengkang Light Rapid Transit) Order 2006

In exercise of the powers conferred under section 7 of the Property Tax Act, the Minister for Finance hereby makes the following Order:

Citation and commencement

1.  This Order may be cited as the Property Tax (North-East Line, Punggol Light Rapid Transit and Sengkang Light Rapid Transit) Order 2006 and shall be deemed to have come into operation on 18th January 2003.

Definitions

2.  In this Order, unless the context otherwise requires —

“gross receipts”, in relation to any relevant rapid transit system, means the sum total of —

(a) the total commuter fare collection by SBS Transit Ltd for operating the relevant rapid transit system;

(b) the total receipts from any trade or business carried on by SBS Transit Ltd in any part of the relevant rapid transit system;

(c) the rental, advertisement or licence fees for any part of the relevant rapid transit system received by SBS Transit Ltd where the amount of such rental, advertisement or licence fees is not, in the opinion of the Chief Assessor, lower than the market rental, advertisement or licence fees payable for that part of the relevant rapid transit system, or the total receipts from any trade or business carried on in any part of the relevant rapid transit system which is leased or licensed out, where the amount of the rental, advertisement or licence fees is, in the opinion of the Chief Assessor, lower than the market rental, advertisement or licence fees payable for that part of relevant rapid transit system; and

(d) any other fee or charge levied by SBS Transit Ltd on or for the use of any part of the relevant rapid transit system;

“rapid transit system” has the same meaning as in the Rapid Transit Systems Act (Cap. 263A);

“relevant rapid transit system” means any of the following rapid transit systems operated by SBS Transit Ltd:

(a) the North-East Line;

(b) the Punggol Light Rapid Transit;

(c) the Sengkang Light Rapid Transit;

“SBS Transit Ltd” means the SBS Transit Ltd, a company incorporated under the Companies Act (Cap. 50).

Assessment of annual value of relevant rapid transit system

3.—(1)  Subject to this Order, the annual value of the North-East Line in any year during the period from 20th June 2003 to 19th June 2008 (both dates inclusive) shall be 30% of the gross receipts from the operation of the North-East Line during the preceding calendar year.

(2)  Subject to this Order, the annual value of the Punggol Light Rapid Transit in any year during the period from 29th January 2005 to 28th January 2010 (both dates inclusive) shall be 30% of the gross receipts from the operation of the Punggol Light Rapid Transit during the preceding calendar year.

(3)  Subject to this Order, the annual value of the Sengkang Light Rapid Transit in any year during the period from 18th January 2003 to 17th January 2008 (both dates inclusive) shall be 30% of the gross receipts from the operation of the Sengkang Light Rapid Transit during the preceding calendar year.

Assessment of annual value for year of commencement of operations

4.  Where the annual value of any relevant rapid transit system or part thereof is assessed in the year of commencement of its operation, the annual value of the relevant rapid transit system or part thereof shall be based on the annual equivalent of the gross receipts from the operation of the relevant rapid transit system or part thereof for that year.

Gross receipts relating to period of less than one year

5.  Where the gross receipts of any relevant rapid transit system or part thereof relate to a period of less than a year, the annual value of the relevant rapid transit system or part thereof shall be based on the annual equivalent of the gross receipts from the operation of the relevant rapid transit system or part thereof for that period.

Assessment of annual value for unused portion of relevant rapid transit system

6.  Where any portion of any relevant rapid transit system ceases to be used as a part of the relevant rapid transit system (referred to in this paragraph as the unused portion) during the year in which its annual value is to be assessed, the annual value of the unused portion for that year shall continue to be based on the gross receipts from the operation of the unused portion in the preceding year.

Non-application of assessment based on gross receipts in certain circumstances

7.  The Chief Assessor may, in his discretion, determine that this Order shall not apply to the assessment of the annual value of any relevant rapid transit system or part thereof where the relevant rapid transit system or part thereof is operated by, or handed over to, any person other than SBS Transit Ltd who is licensed by the Land Transport Authority of Singapore to operate the relevant rapid transit system or part thereof.

Statement on gross receipts

8.—(1)  SBS Transit Ltd shall furnish to the Chief Assessor, by 1st July of each year, a statement certified by a person qualified for registration as a public accountant under the Accountants Act (Cap. 2) and showing for the preceding year the gross receipts from the operation of any relevant rapid transit system or part thereof.

(2)  The Chief Assessor may at any time serve on any person a notice requiring him to furnish within 21 days from the date of the notice the total receipts from any trade or business referred to in paragraph (c) of the definition of “gross receipts” in paragraph 2.

(3)  Any person who fails to comply with sub-paragraph (1) or (2) without reasonable excuse shall be guilty of an offence and shall be liable on conviction to a fine not exceeding $2,000.

Made this 2nd day of June 2006.

LIM SIONG GUAN

Permanent Secretary,
Ministry of Finance,
Singapore.

[MF(R) R42.6.12; AG/LEG/SL/254/2002/1 Vol. 2]