Contract Law (Chapter 53): Primary legislation governing the formation and enforcement of contracts in Singapore. Essential for establishing the basic validity and enforceability of the prepayment agreement.
Civil Law Act (Chapter 43): Contains fundamental provisions relating to contracts and commercial transactions in Singapore, including rules about contractual remedies and limitations.
Payment Systems (Oversight) Act: Regulates payment systems and payment service providers in Singapore, relevant for structuring prepayment mechanisms.
Payment Services Act 2019: Modern framework for regulation of payment systems and payment service providers, particularly important for electronic prepayment arrangements.
Consumer Protection (Fair Trading) Act: Protects consumer interests in commercial transactions, including prepayment arrangements with consumers.
Banking Act: Relevant when prepayment arrangements involve banking institutions or banking-like services.
Currency Act: Contains provisions regarding currency usage and transactions in Singapore.
Goods and Services Tax Act: Governs the tax implications of prepayments and how GST should be handled in advance payment situations.
Income Tax Act: Relevant for understanding the tax treatment of prepayments for both payer and recipient.
Electronic Transactions Act: Governs electronic transactions and records, particularly relevant for electronic prepayment systems and digital documentation.
MAS Guidelines: Regulatory guidelines issued by the Monetary Authority of Singapore that may affect prepayment arrangements, especially in financial contexts.
