Property Tax (Prescribed Interest Rates) Regulations 2016

No. S 719

Property Tax Act

(CHAPTER 254)

Property Tax
(Prescribed Interest Rates) Regulations 2016

In exercise of the powers conferred by section 72(1) of the Property Tax Act, the Minister for Finance makes the following Regulations:

Citation and commencement

1.  These Regulations are the Property Tax (Prescribed Interest Rates) Regulations 2016 and come into operation on 1 January 2017.

Definitions

2.  In these Regulations —

“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 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;

(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 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;

“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.

[S 186/2023 wef 01/04/2023]

Prescribed interest rates

3.  The rate at which interest is payable under a provision in the Schedule for any period is —

(a) where the provision is the provision mentioned in item 1, 2 or 5 of the Schedule — 4.5%-point above the 3-month compounded SORA; or

(b) where the provision is the provision mentioned in item 3 or 4 of the Schedule — 1.5%-point above the 3-month compounded SORA.

[S 186/2023 wef 01/04/2023]

Revocation

4.  The Property Tax (Prescribed Interest Rates) Regulations 2010 (G.N. No. S 605/2010) are revoked.

THE SCHEDULE

Regulation 3

1. Section 6(13) of the Act

[S 186/2023 wef 31/12/2021]

2. Section 19(16) of the Act

[S 186/2023 wef 31/12/2021]

3. Section 33(4) of the Act

4. Section 37 of the Act

5. Section 41(1) of the Act.

Made on 22 December 2016.

LIM SOO HOON

Permanent Secretary
(Finance) (Performance),
Ministry of Finance,
Singapore.

[R042.002.2730.V9; AG/LEGIS/SL/254/2015/2 Vol. 1]