SINGAPORE - A new law that obligescommercial property owners to unconditionally pass on their property tax rebate in full to their tenants does not make these property owners worse-off, Deputy Prime Minister Heng Swee Keat said on Tuesday (April 7) afternoon.. Read more at straitstimes.com.
SINGAPORE - A new law that obliges commercial property owners to unconditionally pass on their property tax rebate in full to their tenants does not make these property owners worse-off, Deputy Prime Minister Heng Swee Keat said on Tuesday afternoon.
"Property owners should pass the full tax savings on to their tenants, as the property tax rebate is intended to benefit the tenants," Mr Heng said in his roundup speech of the supplementary Solidarity Budget 2020 debate. He added that some property owners, such as Mapletree Commercial Trust, have even gone further, by giving their tenants more than the property tax rebate that they receive, to share the burden during this time of uncertainty.
The Government is leading by example, he said, by giving a rental waiver of up to three months for government-owned properties, which helps about 36,000 tenants.
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