ECONOMY

Landlords given more time to declare losses

landlords-given-more-time-to-declare-losses

The deadline for the declaration of losses sustained by property owners from the forced reduction of rent for corporations or employees hurt by the pandemic was on Friday extended by nine days to July 1.

The losses relate to the reduction of commercial and residential rent by 40% for the period when companies were closed in accordance with the government measures to contain the spread of the coronavirus.

The Independent Authority for Public Revenue added that the deadline for tenants to confirm their landlords’ declarations has also been extended to July 6.

Landlords stand to recoup only 30% of their losses.