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.
