| Property Tax Act |
| 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 —
|
| 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 |