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Cyprus

Coronavirus: House passes tax incentives for lowering rents

Parliament on Friday passed a bill affording incentives to property owners to lower the rent they charge tenants, stricken by the fallout of the coronavirus crisis.

The bill provides for a tax credit of 50 per cent of the reduction in rent provided the said reduction is covers up to three months in 2020.

The cut in the monthly rent must be between 30 per cent and 50 per cent.

The government urged owners to take advantage of the incentive and reduce rents to stricken businesses to help them remain viable.

In a related development, parliament has extended a ban on evictions until September

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