Tax deduction for landlords who will reduce rents for their tenants
March 26, 2020 10:42 pm
The government will help commercial landlords who will reduce rent to fit our current land scape.
The Government will help commercial landlords who will reduce the rent to fit our current landscape.
Economy Minister Aiyaz Sayed-Khaiyum says landlords who will reduce rent for their tenants will be allowed a tax deduction to cover any deduction made to existing rent contracts.
“To give an example if someone is giving a rent of $1000 the landlord reduced it to $500 that loss of $500 they can claim as a tax deduction. The government has no loss and the government will pick up that burden because we don’t want people to boot out of their shops.”
Sayed-Khaiyum says this will apply for rent payable between April 1st to December 31st, 2020.