News Local Tax incentives for landlords to lower rents

Tax incentives for landlords to lower rents

Cabinet on Thursday approved tax incentives to encourage  landlords to lower rents and ease the burden on businesses and individuals struggling to keep up with their obligations amidst the economic meltdown from the coronavirus pandemic.

There have been calls for the state to act on rents, something the government has said it cannot do as constitutionally it cannot intervene in private contracts.

It has instead opted to offer incentives to landlords to lower their rents.

Finance Minister Constantinos Petrides said that the incentives will be given to owners — individuals and companies — who reduce their rents for three months.

They will be given a tax rebate of 50% of the amount reduced, provided it is not below 30% of the total rent and does not exceed 50% of the rent.

The proposal must be approved by the House of Representatives as well as by the European Commission.

 

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