SIN GVT Prescribed Interest Rate


On Oct. 25, SIN GVT published legislation on prescribed interest rate.


  • SIN GVT issued regulations concerning prescription of interest rates for outstanding claim amounts under s 17D of the Inland Revenue Authority of Singapore act 1992.
  • Key Regulations
  • Sets interest rate at 4.5% points above 3-month compounded Singapore overnight rate average (SORA), interest period runs from the day after the payment period ends.
  • The above interest period runs until the day that the claim amount is paid in full.
  • 3-month compounded SORA is determined semi-annually using the specified method.
  • Effectiveness
  • The regulations as detailed above come into operation on Nov. 1, 2024.

Regulators SIN GVT
Entity Types Corp
Reference OG S822/2024, 10/25/2024
Functions Claims/Accelerated Benefits; Compliance; Financial; Legal; Operations; Treasury
Countries Singapore
Category
State
Products Corporate; Fixed Income; Loan
Regions AP
Rule Type Final
Rule Date 10/25/2024
Effective Date 11/1/2024
Rule Id 231129
Linked to N/A
Reg. Last Update 10/25/2024
Report Section International

Last substantive update on 10/30/2024