Property Tax (Valuation of Properties of the Housing and Development Board) Order 2001

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No. S 670

Property Tax Act

(Chapter 254)

Property Tax (Valuation of Properties of the Housing and Development Board) Order 2001

In exercise of the powers conferred by section 6(7) of the Property Tax Act, the Minister for Finance hereby makes the following Order:

Citation and commencement

1. This Order may be cited as the Property Tax (Valuation of Properties of the Housing and Development Board) Order 2001 and shall be deemed to have come into operation on 1st July 2001.

Definitions

2. In this Order —

“Board” means the Housing and Development Board established under section 3 of the Housing and Development Act (Cap. 129);

“land premium” means the amount paid by the Board to the Government in respect of any land allocated to the Board by the Government.

Contribution in lieu of tax payable by Board

3.—(1) The Board shall, in respect of the properties specified in the first column of the Schedule, pay to the Government by way of contribution a sum in lieu of the property tax payable under the Act ascertained in accordance with sub-paragraph (2).

(2) The sum of contribution payable shall be at the prevailing tax rate upon the Annual Value of the property specified in the second column of the Schedule.

(3) The sum of contribution shall be payable for the period specified in the third column of the Schedule and shall be paid half-yearly in advance, without demand, in the months of January and July each year.

Revocation

4. The Property Tax (Valuation of Properties of the Housing and Development Board) Order (O 13) is revoked.

Power to treat contribution payable under revoked Order as being payable under this Order

5. Where, any contribution which arose between 1st January 1994 and 30th June 2001 (both dates inclusive) in respect of land allocated to the Board designated for public housing is outstanding on 30th June 2001, the Comptroller may, if he thinks fit, treat the outstanding contribution as if it were a contribution payable under paragraph 3 instead of under the revoked Order.

Made this 26th day of December 2001.

LIM SIONG GUAN

Permanent Secretary,
Ministry of Finance,
Singapore.

[MF(R) R50.3.002 Part 5. Vol. 2; AG/LEG/SL/254/1997/1 Vol. 2]