Tax Services
Audit Services
BMSMA
Liquidation
E-NewsLetter
January 2006
Highlights of BMSMA Changes 


  Building and Construction Authority
  IRAS
   Ministry Of Finance
  Singapore Land Authority
   www.tanchan-cpa.com
   www.dni-secretarial.com
   www.dni-consulting.com




LEVIES CONTRIBUTIONS (S 42)

 
  • Contributions levied by Management Corporation in respect of each lot is payable by Subsidiary Proprietor in shares proportional to the share value of their respective lots.
  • Contributions payable by the Subsidiary Proprietor of a proposed lot shall, during the period when erection is still in progress, be reduced by 75%. (S41 (1))
  • Where a lot has been subdivided into 2 or more lots, the Management Corporation may levy additional contribution subject to approval. (S41 (3a))
  • A person who has ceased as Subsidiary Proprietor of the lot shall only be liable to pay contribution unpaid at the time he ceased as a Subsidiary Proprietor and interest accruing on unpaid contribution until such time as it is paid.
  • Contribution levied shall become due and payable to Management Corporation within 30 days, failure to do so, an interest at rate determined by Management Corporation will be imposed after the expiry of the 30 days, unless Management Corporation determines in General Meeting, no interest chargeable.
  • Contribution levied unpaid may, together with such interest due, re recovered as a debt by the Management Corporation in any Court of competent jurisdiction.

Updated January 2006

 

 

©Copyright Tan,Chan & Partners 2003.
                                                      ............................................................ ( Best viewed in 800 x 600 resolution)