8.—(1) The prescribed criteria mentioned in section 91(1) of the Act to be satisfied by a PTO of a prescribed property for rental waiver are as follows:
(a)
the PTO is an individual or entity;
(b)
the lease agreement between the PTO and the PTO’s landlord for the prescribed property satisfies section 90(1) of the Act;
(c)
the PTO occupied the prescribed property during the relevant period for the sole purpose of carrying on a business or a purpose incidental to that business;
(d)
one of the following is satisfied:
(i)
where the PTO 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 PTO’s financial year ending on a date in the year 2019 — the PTO’s revenue from the business carried on in Singapore for that financial year is not more than $100 million;
(ii)
where sub-paragraph (i) does not apply but the PTO 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 PTO’s financial year ending on a date in the year 2020 — the PTO’s revenue from the business carried on in Singapore for that financial year is not more than $100 million;
(iii)
where sub-paragraphs (i) and (ii) do not apply but the PTO 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 PTO’s financial year ending on a date in the year 2021 that is on or before 15 May 2021 — the PTO’s revenue from the business carried on in Singapore for that financial year is not more than $100 million;
(iv)
where sub‑paragraphs (i), (ii) and (iii) do not apply but the PTO commenced the business (at the prescribed property or any other place in Singapore) before 15 May 2021 — the PTO’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 PTO’s business carried on in Singapore for the period from the date of commencement of the PTO’s business to 15 May 2021 (both dates inclusive);
(e)
either —
(i)
where the date on which the PTO commenced the business mentioned in sub‑paragraph (c) at the prescribed property (called in this sub‑paragraph the commencement date) is on or before 28 December 2020 — there is a 20% decrease in the average monthly gross income derived from that business conducted at the prescribed property for the periods —
(A)
16 May 2021 to 13 June 2021 (both dates inclusive); and
(B)
22 July 2021 to 18 August 2021 (both dates inclusive),
as compared to the average monthly gross income derived from that business conducted at the prescribed property for the period 28 December 2020 to 7 May 2021 (both dates inclusive); or
(ii)
where the commencement date is after 28 December 2020 but before 15 May 2021 — there is a 20% decrease in the average monthly gross income derived from that business conducted at the prescribed property for the periods —
(A)
16 May 2021 to 13 June 2021 (both dates inclusive); and
(B)
22 July 2021 to 18 August 2021 (both dates inclusive),
as compared to the average monthly gross income derived from that business conducted at the prescribed property for the period from the commencement date to 15 May 2021 (both dates inclusive);
(f)
if 50% or more of the total voting shares or voting power in the PTO (being an entity other than a specified person) is held (whether directly or indirectly) by an entity that is incorporated or established in Singapore and the PTO is a member of a Singapore group of entities during the relevant period, one of the following is satisfied:
(i)
where more than one member of the Singapore group of entities has carried on any business in Singapore for 12 months or longer as at the last day of the group’s financial year ending on a date in the year 2019 — the aggregate revenue of those members from businesses carried on in Singapore for that financial year is not more than $100 million;
(ii)
where sub-paragraph (i) does not apply but more than one member of the Singapore group of entities has carried on any business in Singapore for 12 months or longer as at the last day of the group’s financial year ending on a date in the year 2020 — the aggregate revenue of those members from businesses carried on in Singapore for that financial year is not more than $100 million;
(iii)
where sub‑paragraphs (i) and (ii) do not apply but more than one member of the Singapore group of entities has carried on any business in Singapore for 12 months or longer as at the last day of the group’s financial year ending on a date in the year 2021 that is on or before 15 May 2021 — the aggregate revenue of those members from businesses carried on in Singapore for that financial year is not more than $100 million;
(iv)
in any other case — the aggregate revenue of the Singapore group of entities from businesses carried on in Singapore, calculated using the formula 12 × A, is not more than $100 million, where A is the aggregate of the average monthly revenue of all the members of the Singapore group of entities from businesses carried on in Singapore for the period from the earliest date on which a member of the Singapore group of entities carried on a business in Singapore to 15 May 2021 (both dates inclusive).
(2) In this regulation —
“FRS 110” means the reporting standard known as the Singapore Financial Reporting Standard 110 (Consolidated Financial Statements) as issued by the Accounting Standards Council under the Accounting Standards Act;
“Singapore group of entities” means a group of entities that are incorporated or established in Singapore and related to each other through ownership or control in such a way that the group is either —
(a)
required to prepare consolidated financial statements for financial reporting purposes under FRS 110 or an equivalent accounting standard; or
(b)
would have been so required if equity interests in any of the entities were traded on any stock exchange in Singapore.
Notice of rental waiver
9.—(1) The Authority may serve on a PTO of a prescribed property a notice of rental waiver by sending it to the PTO via ordinary post.
(2) For the purposes of section 93(1) of the Act, where a notice of rental waiver is sent by ordinary post to a PTO, it is deemed to have been received by the PTO on the second day after the day the notice was posted, even if it is returned undelivered.
Prescribed times and documents under section 93 of Act
10.—(1) For the purposes of section 93(1) of the Act —
(a)
the prescribed time for a PTO to serve a copy of the notice of rental waiver and the PTO’s supporting documents is 28 calendar days after the date of the notice; and
(b)
the prescribed documents (mentioned in that section as the PTO’s supporting documents) are those set out in the Second Schedule.
(2) For the purposes of section 93(2) of the Act, the prescribed time for a tenant (not being a PTO) to serve a copy of the notice of rental waiver and the PTO’s supporting documents is —
(a)
where the notice and the PTO’s supporting documents have been served on the tenant on the same date — 7 calendar days after that date; or
(b)
where the notice and the PTO’s supporting documents have been served on the tenant on different dates — 7 calendar days after the latest of those dates.
Rental waiver
11. For the purposes of section 94(1)(a) of the Act —
(a)
the prescribed period is the relevant period (or, where applicable, part of the relevant period); and
(b)
the prescribed amount of rent payable for the prescribed period under a lease agreement for a prescribed property between a tenant (whether or not a PTO) and the tenant’s landlord in the PTO chain for the prescribed property is set out in Part 1 of the Third Schedule.