No. S 280
Property Tax Act
In exercise of the powers conferred by section 7 of the Property Tax Act, the Minister for Finance hereby makes the following Order:
1. This Order may be cited as the Property Tax (Circle Line) Order 2012 and shall be deemed to have come into operation on 28th May 2009.
2. In this Order, unless the context otherwise requires —
“Circle Line” means such portion of the rapid transit system known as the Circle Line that is open for the public carriage of passengers by SMRT Trains Ltd;
“gross receipts”, in relation to the operation of the Circle Line, means the sum total of the following amounts:
the commuter fare collection by SMRT Trains Ltd for operating the Circle Line;
the receipts from any trade or business carried on by SMRT Trains Ltd in any part of the Circle Line;
the rental and licence fees derived by SMRT Trains Ltd from any person for the use of any space in any part of the Circle Line pursuant to a rental or licence agreement, as the case may be, between the person and SMRT Trains Ltd;
the advertisement fees derived by SMRT Trains Ltd from any person for the use of any advertising space in any part of the Circle Line, including on any train used on the Circle Line; and
any other fees or charges derived by SMRT Trains Ltd from its operation of the Circle Line;
“rapid transit system” has the same meaning as in section 2 of the Rapid Transit Systems Act (Cap. 263A);
“SMRT Trains Ltd” means SMRT Trains Ltd, a company incorporated under the Companies Act (Cap. 50).
—(1) Subject to this Order, the annual value of the Circle Line in any year during the period between 28th May 2009 and 27th May 2014 (both dates inclusive) shall be as specified in the Schedule.
(2) The annual value of the Circle Line specified in the second column of the Schedule shall continue to apply to the period specified in the first column thereof notwithstanding that, at any time during that period, the use of any portion of the Circle Line for the public carriage of passengers ceases or is discontinued.
4. This Order shall cease to apply to the assessment of the annual value of the Circle Line in the event the licence issued to SMRT Trains Ltd under section 13 of the Rapid Transit Systems Act (Cap. 263A) for the operation of the Circle Line expires or is revoked, cancelled or suspended, whichever first occurs.
—(1) SMRT Trains Ltd shall furnish to the Chief Assessor by 1st July of each year during the period referred to in paragraph 3, a statement certified by a person qualified for registration as a public accountant under the Accountants Act (Cap. 2) and showing for the preceding year the gross receipts from the operation of the Circle Line.
(2) The Chief Assessor may at any time serve on SMRT Trains Ltd a notice requiring it to furnish within 21 days from the date of the notice the total receipts from any trade or business referred to in paragraph (b) of the definition of “gross receipts” in paragraph 2.
[MOF(R)042.006.0012.V1; AG/LLRD/SL/254/2010/9 Vol. 1]