PART 2 | Fees for cruise terminal licences |
2.—(1) The fee for a cruise terminal licence is the sum total of the amounts for each specified period of the validity period of the cruise terminal licence (the first such period beginning on the first day of the validity period), calculated in accordance with paragraphs (2) and (3).(2) For the purpose of paragraph (1), if a specified period is or is a part of a single financial year of the cruise terminal licensee, the amount for the specified period is calculated in accordance with the following formula:| where A is the gross turnover of the cruise terminal licensee for the financial year or the part of the financial year corresponding to the specified period. |
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| (3) For the purpose of paragraph (1), if a specified period spans 2 financial years of the cruise terminal licensee, the amount for the specified period is the sum total of the amounts calculated in accordance with the formula in paragraph (2) for each part of the specified period that falls in each of the 2 financial years, and for this purpose, A is the gross turnover of the cruise terminal licensee for the part of the financial year corresponding to that part of the specified period. |
| (4) For the purposes of paragraphs (2) and (3), the gross turnover or part of the gross turnover of the cruise terminal licensee for any financial year or part thereof is determined according to the audited financial statement of the cruise terminal licensee for that financial year. |
| (5) The amount of the licence fee for each specified period is payable to the Board within 30 days after the Controller notifies the cruise terminal licensee of the amount. |
| (6) [Deleted by S 94/2025 wef 05/02/2025] |
| (7) The Controller may, as the Controller thinks fit, waive or remit, in full or in part, any amount mentioned in paragraph (1). [S 94/2025 wef 05/02/2025] |
(8) In this regulation —| (a) | “specified period” means —| (i) | subject to sub‑paragraph (ii) — a period of 12 months; and | | (ii) | if the cruise terminal licence in question expires in any 12‑month period — the part of the 12‑month period before the date on which the cruise terminal licence expires; and |
| | (b) | a cruise terminal licence expires when any of the following occurs:| (i) | its period of validity ends; | | (ii) | it is revoked under section 29G of the Act; | | (iii) | it is cancelled under section 29H of the Act. |
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| Interest on outstanding fee |
2A.—(1) If any cruise terminal licensee fails to pay any or any part of the fee mentioned in regulation 2(1) in accordance with regulation 2(5), interest at the rate of 4.5 percentage points above the 3-month compounded SORA is payable on the amount outstanding for the period —| (a) | starting on the date the payment or part of it is in arrears; and | | (b) | ending on the date the payment is fully made. |
| (2) The Controller may, as the Controller thinks fit, waive or remit, in full or in part, any interest mentioned in paragraph (1). |
(3) In this regulation —“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, 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) | if the period or a part of the period 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; |
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| “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. |
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[S 94/2025 wef 05/02/2025] |
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