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.