The government will introduce new legislation at the next sitting of Parliament on April 6 to ensure that landlords pass on property tax rebates in full to their tenants.
If any of the property owners/landlord who fail to fully pass on the property tax rebate unconditionally to their tenants, without good reason, will be guilty of an offence, the Ministry of Finance (MOF) said in a release on Thursday afternoon (April 2).
The Government expanded the property tax rebates announced earlier to allow about 60,000 commercial properties that qualified for Budget 2020’s rebate of 15 per cent or 30 per cent to now pay zero property tax for this year. Even the landlord receive this benefit but some tenants say landlords are passing on the savings to the tenant.
This law is subject to Parliament’s approval, as the legislation will be happening by next week. We do hope that this legislation will go through and all will be benefit from this tax rebates for all.