40.—(1) For the purposes of section 19P(2)(b)(i) and (ii) of the Act, the prescribed interest rate is 3% per annum.
(2) For the purposes of section 19P(2)(d)(i) of the Act, the prescribed period is 9 months.
(3) For the purposes of section 19P(2)(f) of the Act, the prescribed date is 1 December 2020.
[S 885/2020 wef 19/10/2020]
(4) For the purposes of section 19P(2)(g) of the Act, the other prescribed conditions for a statutory repayment schedule are —
(a)
subject to sub‑paragraph (b), the monthly repayment instalment under the schedule is calculated using the formula
(b)
the last repayment instalment under the schedule is the sum of —
(i)
the amount calculated using the formula mentioned in sub-paragraph (a); and
(ii)
the balance (if any) of the outstanding rent (mentioned in section 19P(2)(a) of the Act and defined in section 19P(5) of the Act), and interest or other charge payable on that balance in accordance with section 19P of the Act, which remain unpaid under the schedule as at the date on which the last repayment instalment is due.
(5) For the purposes of section 19P(5) of the Act, the prescribed amount is —
(a)
where the prescribed property leased by the PTO comprises or includes Type A property — the amount calculated using the formula 5 × E; and
(b)
where the prescribed property leased by the PTO comprises or includes Type B property — the amount calculated using the formula 4 × F.
(6) In this regulation —
(a)
A means the sum of —
(i)
the outstanding rent mentioned in section 19P(2)(a) of the Act and defined in section 19P(5) of the Act; and
(ii)
the interest and other charges that are payable on the outstanding rent, as calculated in accordance with section 19P(2)(b) of the Act on the first day on which the first repayment instalment is to be paid;
(b)
B means the lower of the following:
(i)
3% per annum;
(ii)
the contractual interest rate on a per annum basis;
(c)
C means the number of occasions in a year that interest accrues on rental arrears under the PTO’s lease agreement, or (if this is not specified in the lease agreement) as agreed between the PTO and the PTO’s landlord;
Illustration
If interest accrues on the rental arrears on a monthly basis, C is 12.
If interest accrues on the rental arrears on a weekly basis, C is 52.
If interest accrues on the rental arrears on a daily basis and is calculated based on 365 days, C is 365.
If interest accrues on the rental arrears on a daily basis and is calculated based on 360 days, C is 360.
(d)
D means the total number of repayment instalments under the statutory repayment schedule;
(e)
E means the monthly rent payable by the PTO for the Type A property; and
(f)
F means the monthly rent payable by the PTO for the Type B property.