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TAX INCENTIVES FOR LANDLORDS

18.03.2021

On March 11, parliament passed two laws providing tax incentives for landlords that voluntarily reduce rents to businesses financially affected by COVID-19 restrictions.

The first bill provides for a tax rebate equivalent to 50% of the reduced rent, which should be 50%. The reduction in rent should be for up to three months - for which three months the owner can choose himself.

The measure is intended to encourage landlords to lower rents for businesses that have suspended operations between January 1 and June 30. A similar regime was applied until December 31, 2020, and recently the government decided to extend it.

The measure is intended to induce landlords to lower rents for businesses that have suspended operations between January 1 and June 30. A similar regime applied until December 31, 2020, and recently the government decided to extend it.

The second law passed provides for exemption from contributions to the defence fund. This measure concerns the owners of premises who voluntarily reduce their rent. The contribution is 3% of 75% of the rent.

The aforementioned laws only apply to businesses that have partially or completely suspended their operations due to government measures to stop the spread of the coronavirus. They apply to companies and individuals.

Both bills were passed with 40 votes in favor and one against.

MP DIKO Charalambos Pittokopitis, who voted against, described these measures as "smoke and mirrors", as not bringing real benefits. Other opposition party MPs who voted in favor, but in protest, said that direct government subsidies of tenants' rent would be more effective.

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