4. For the purposes of Part 2A of the Act, the criteria that a tenant of a prescribed property must satisfy to be a PTO are —
(a)
the tenant is an individual or entity;
(b)
the tenant occupies the whole or part of the prescribed property under a lease agreement that is in writing or evidenced in writing, for the sole purpose of carrying on a business, or a purpose incidental to that business; and
(c)
one of the following is satisfied:
(i)
where the tenant has carried on the business (at the prescribed property or any other place in Singapore) for 12 months or longer as at the last day of the tenant’s financial year ending on a date in the year 2018 — the tenant’s revenue from the business carried on in Singapore for that financial year is not more than $100 million;
[S 954/2020 wef 31/07/2020]
(ii)
where sub-paragraph (i) does not apply but the tenant has carried on the business (at the prescribed property or any other place in Singapore) for 12 months or longer as at the last day of the tenant’s financial year ending on a date in the year 2019 — the tenant’s revenue from the business carried on in Singapore for that financial year is not more than $100 million;
[S 954/2020 wef 31/07/2020]
(iii)
where sub-paragraphs (i) and (ii) do not apply but the tenant has carried on the business (at the prescribed property or any other place in Singapore) for 12 months or longer as at the last day of the tenant’s financial year ending on a date in the year 2020 that is on or before 31 March 2020 — the tenant’s revenue from the business carried on in Singapore for that financial year is not more than $100 million;
[S 954/2020 wef 31/07/2020]
(iv)
where sub-paragraphs (i), (ii) and (iii) do not apply but the tenant commenced carrying on the business (at the prescribed property or any other place in Singapore) before 31 March 2020 — the tenant’s revenue from the business carried on in Singapore, calculated using the formula 12 × A, is not more than $100 million, where A is the average monthly revenue from the tenant’s business carried on in Singapore for the period from the date of commencement of the tenant’s business to 31 March 2020 (both dates inclusive);
[S 835/2020 wef 30/09/2020]
[S 954/2020 wef 30/09/2020]
(v)
where sub-paragraphs (i), (ii), (iii) and (iv) do not apply but —
(A)
the tenant commenced carrying on the business (at the prescribed property (being a Type A property) or any other place in Singapore) during the period from 1 April 2020 to 31 July 2020 (both dates inclusive) — the tenant’s revenue from the business carried on in Singapore, calculated using the formula 12 × B1, is not more than $100 million, where B1 is the average monthly revenue from the tenant’s business carried on in Singapore for the period from the date of commencement of the tenant’s business to 31 July 2020 (both dates inclusive); or
[S 954/2020 wef 30/09/2020]
(B)
the tenant commenced carrying on the business (at the prescribed property (being a Type B property) or any other place in Singapore) during the period from 1 April 2020 to 31 May 2020 (both dates inclusive) — the tenant’s revenue from the business carried on in Singapore, calculated using the formula 12 × B2, is not more than $100 million, where B2 is the average monthly revenue from the tenant’s business carried on in Singapore for the period from the date of commencement of the tenant’s business to 31 May 2020 (both dates inclusive);
[S 835/2020 wef 30/09/2020]
[S 954/2020 wef 30/09/2020]
(vi)
where sub-paragraphs (i), (ii), (iii), (iv) and (v) do not apply — the tenant was unable to commence business (at the prescribed property or any other place in Singapore) before 31 July 2020 (where the prescribed property is a Type A property) or before 31 May 2020 (where the prescribed property is a Type B property) due to any legal restriction imposed under the Act or any other written law arising from a COVID-19 event.