Interest for late payment of shortfall in additional registration fee
7A.—(1) This rule and rule 7B apply where, after the first registration of a motor vehicle under the Act —
(a)
the Registrar makes another determination under rule 7(3) that the value of a motor vehicle is higher than the value of that vehicle as declared to the Singapore Customs; and
(b)
consequently, the amount of the additional registration fee payable under rule 7(1)(a) in respect of the vehicle is more than the amount paid for that fee on the first registration of the vehicle.
(2) The Registrar must give a written notice to the applicant or motor firm mentioned in rule 3 who is liable to pay the additional registration fee (called in this rule and rule 7B the liable person) stating —
(a)
the difference between the 2 amounts mentioned in paragraph (1)(b) (called in this rule and rule 7B the ARF shortfall); and
(b)
the date (called in this rule the due date) by which the liable person must pay the ARF shortfall to the Authority.
(3) Where the liable person fails to pay the ARF shortfall in full by the due date, the liable person must pay to the Authority simple interest at a rate of 4.5%-point above the 3-month compounded SORA, on the amount of the outstanding ARF shortfall, for the period mentioned in paragraph (4).
(4) The interest in paragraph (3) is levied for the period starting on the day immediately after the due date and ending on —
(a)
the date the ARF shortfall is paid in full; or
(b)
if the Registrar allows the liable person to pay the ARF shortfall and interest by instalments under rule 7B — the date specified by the Registrar for payment of the first instalment.
(5) In this rule and rule 7B —
“3-month compounded SORA”, in relation to a period, means —
(a)
if the period or a part of the period falls within the 6-month period beginning on 1 April of a calendar year, then, for the period or the part (as the case may be) — the compounded average of the SORA values for a 3-month period computed by the Monetary Authority of Singapore using the prescribed methodology, and published —
(i)
on its Internet website at http://www.mas.gov.sg; or
(ii)
where the website is unavailable to the public, in any other form that is readily accessible by the public,
on either of the following days:
(iii)
if 1 March of that calendar year is a business day — that day;
(iv)
if 1 March of that calendar year is not a business day — the last business day in February of that calendar year; or
(b)
if the period or a part of the period falls within the 6-month period beginning on 1 October of a calendar year, then, for the period or the part (as the case may be) — the compounded average of the SORA values for a 3-month period computed by the Monetary Authority of Singapore using the prescribed methodology, and published —
(i)
on its Internet website at http://www.mas.gov.sg; or
(ii)
where the website is unavailable to the public, in any other form that is readily accessible by the public,
on either of the following days:
(iii)
if 1 September of that calendar year is a business day — that day;
(iv)
if 1 September of that calendar year is not a business day — the last business day in August of that calendar year;
“business day” means any day other than a Saturday, Sunday or public holiday;
“prescribed methodology” means the methodology set out in the document called “Compounded Singapore Overnight Rate Average Index (“SORA Index”), Compounded SORA and MAS Floating Rate Notes (“MAS FRN”): A User Guide” dated 16 March 2021;
“Singapore Overnight Rate Average” or “SORA” means the volume-weighted average rate of borrowing transactions in the unsecured overnight interbank Singapore dollar cash market in Singapore between 8 a.m. and 6.15 p.m., as published by the Monetary Authority of Singapore —
(a)
on its Internet website at http://www.mas.gov.sg; or
(b)
where the website is unavailable to the public, in any other form that is readily accessible by the public.