Property Tax (Mass Rapid Transit System) Order

Status:

Current version
as at 18 Apr 2024

Property Tax Act

(Chapter 254, Section 6A)

Property Tax (Mass Rapid Transit System) Order

O 7

REVISED EDITION 1990

(25th March 1992)

[6th November 1987]

Citation

1. This Order may be cited as the Property Tax (Mass Rapid Transit System) Order.

Definitions

2. In this Order —

“MRT System” means the Mass Rapid Transit System as defined in the Mass Rapid Transit Corporation Act (Cap. 172);

“Singapore MRT Ltd” means the Singapore MRT Ltd, a company incorporated under the Companies Act (Cap. 50);

“gross receipts” means the sum total of —

(a)	the total commuter fare collection by the Singapore MRT Ltd for operating the MRT System;
(b)	the total receipts from any trade or business carried on by the Singapore MRT Ltd in any part of the MRT System;
(c)	the rental, advertisement or licence fees for the MRT System or any part of the MRT System received by the Singapore MRT Ltd where the amount of such rental, advertisement or licence fees is not, in the opinion of the Chief Assessor, lower than the market rental, advertisement or licence fees payable for the MRT System;
(d)	the total receipts from any trade or business carried on in any part of the MRT System which is leased or licensed out, where the amount of the rental, advertisement or licence fees is, in the opinion of the Chief Assessor, lower than the market rental, advertisement or licence fees; and
(e)	any other fee or charge levied by the Singapore MRT Ltd on or for the use of any part of the MRT System.

Calculation of annual value of MRT System

3. Subject to this Order, the annual value of the MRT System in any year during the period commencing from and including 1st July 1990 and ending on the expiration of 5 years from the date of commencement of operation of the MRT System shall be 2 parts in 16 (2/16) of the gross receipts from the operation of the MRT System during the preceding calendar year.

Gross receipts relating to period of less than a year

4. Where the gross receipts of the MRT System relate to a period of less than a year, the annual value of the MRT System shall be based on the annual equivalent of the actual gross receipts.

Owner to furnish statement of gross receipts

5.—(1) The Singapore MRT Ltd shall furnish to the Chief Assessor by the end of June of each year a statement certified by a person qualified for registration as an accountant under the Accountants Act (Cap. 2A) and showing for the preceding year the gross receipts from the operation of the MRT System.

(2) The Chief Assessor may at any time serve on any person a notice requiring him to furnish within 21 days from the date of notice the total gross receipts referred to in sub-paragraph (d) of the definition of “gross receipts” in paragraph 2.

(3) Any person who fails to comply with sub-paragraph (1) or (2) without reasonable excuse shall be guilty of an offence and shall be liable on conviction to a fine not exceeding $2,000.

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