For any licence from or tenancy with the Collector of Land Revenue, Singapore Land Authority, which has a provision stipulating that interest payable on any overdue payments of fees, rents and other charges shall be based on the prevailing late payment interest rate as determined by the Government of the Republic of Singapore from time to time to be applicable and chargeable on any such overdue payments, please refer to the table set out below:
Illustration
With effect from 1 Jun 2020 to 30 Jun 2021, the Late Payment Interest (LPI) Rate is 5.5% per annum. For cases involving back charging of rental for past period, the effective LPI rate for the period of the rental that is due for is to be applied. For illustration, LPI computation for May and Jun 2020 rental in arrears are as follow:
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