FINANCE

Rental cuts set to end this month

rental-cuts-set-to-end-this-month

The restart of economic activity is bringing an end to the period of rental reductions and exemptions. 

In a statement on Tuesday, the Finance Ministry said that as things stand “June will be the last month during which certain favorable regulations will apply with regards to the obligation of rental payment, with a very small number of exceptions that may have to remain shut by state order in July as well.”

Consequently, companies active in the sectors of food service, tourism, culture, sports and transport, as well as gyms and any other enterprises still operating with restrictions or unable to open because of them, will not have to pay rent in June.

Retail commerce enterprises and any workers still in furlough will pay reduced rent this month. The 40% reduction concerns the entire retail sector as well as the primary residence of workers in contract suspension in June, and the rental spending of students dependent on them.

The ministry is also granting the option for the suspension of payments of installments toward arranged tax and social security debts by companies that will have to remain shut this month too.