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Ministerial approval for measures to support tenants

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Ministerial approval for measures to support tenants

The Council of Ministers today approved three measures announced by the Minister of Finance to support tenants.

The three measures approved by the Council of Ministers:

A) Two-month Suspension (for the months of January and February or February and March for cases where the January rent has already been paid) of the obligation to pay 70% of the rent for professional leases of companies and self-employed workers, who are under full suspension of work with based on the Decree of the Minister of Health for the month of January. It is understood that companies are also covered, which have suspended their operation, but under this Decree may provide their services either by home delivery or by take away. Debt settlement will take place by February 2022.

B) Non-payment of rents to the State and Public Law Organizations by private property tenants of the amount of rent corresponding to the month of January and February 2021, as provided in the rental contracts that are in force.

For the above measures, a Decree of the Minister of Health will be issued within the week, according to the Law on Infection.

C) Extension of the period when tax credit is granted to owners who rent real estate to legal or natural persons and who make a voluntary reduction of rent in the period January – March 2021, the tax credit will cover Income Tax (equal to 50% of rent reduction), meaning that the rent reduction is between 30% – 50% and in addition the landlord will be exempt from the Extraordinary Defense Contribution for the months during which the rent will be reduced.

The relevant bills for the mentioned measure were approved today and will be submitted to the House of Representatives within the week.

Source: www.philenews.com

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