s 29O Charges for provision of cruise port services and facilities
29O.—(1) A cruise terminal licensee must ensure that any charges imposed by the cruise terminal licensee for the provision of any cruise port services and facilities at the cruise terminal to which its cruise terminal licence relates (whether provided by the cruise terminal licensee or any other person, and whether in connection with a cruise ship or any other type of ship), complies with the prevailing pricing framework set by the Controller. (2) Regulations made under section 45 may provide for the methodology or terms in accordance with which the Controller must set any pricing framework for the purposes of subsection (1), including one or more of the following:(a) a maximum price or the maximum rate of increase or the minimum rate of decrease in maximum price; (b) an average price or the average rate of increase or decrease in the average price; (c) by reference to a general price index, the cost of production, revenue, a rate of return on assets, a rate of return on financial capital, a margin of turnover or profit, or any other factor; (d) by reference to quantity, location or the period of the provision of the cruise port services and facilities; (e) by reference to other financial indicators (including the rate of return of turnover or profit margin). (3) Regulations made under section 45 may further require that any charges (including any change in charges) be approved by the Controller. (4) Despite section 29G(1)(k), where a cruise terminal licensee fails to comply with subsection (1), the financial penalty that the Controller may impose on the cruise terminal licensee under section 29G(1) is an amount not exceeding the highest of the following:(a) 120% (or such other higher or lower percentage as the Minister may by order in the Gazette prescribe in substitution) of the total charges in excess for each year or part of a year during which those charges are in excess; (b) 1% of the annual turnover of that part of the cruise terminal licensee’s business to which its cruise terminal licence relates, as ascertained from the licensee’s latest audited accounts; (c) $100,000.[Act 28 of 2022 wef 01/04/2023]