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New Crown Pneumonia | The government only calls on landlords to reduce rents to tenants, because rates have fallen and taxes will not be reduced

2020-05-20T05:50:05.345Z


The new coronary pneumonia has hit the economy, and the government earlier granted rent relief to government land or shops leased under government departments. Today (20th), the DAB Li Huiqiong asked the Labor and Welfare Bureau whether it would provide tax concessions to shop owners who gave their tenants rent reductions to encourage them to reduce rents. The Bureau replied in writing that according to the Poor Property Evaluation Department ’s rent index, it has fallen by 7% compared with last year. Therefore, there is no way to provide tax concessions with public funds, but it urges private market owners to provide rent relief to their tenants. It's a difficult time.


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Written by: McCain

2020-05-20 13:45

Last update date: 2020-05-20 13:46

The new coronary pneumonia has hit the economy, and the government earlier granted rent relief to government land or shops leased under government departments. Today (20th), the DAB Li Huiqiong asked the Labor and Welfare Bureau whether it would provide tax concessions to shop owners who gave their tenants rent reductions to encourage them to reduce rents. The Bureau replied in writing that according to the Poor Property Evaluation Department ’s rent index, it has fallen by 7% compared with last year. Therefore, there is no way to provide tax concessions with public funds, but it urges private market owners to provide rent relief to their tenants. It's a difficult time.

The new Coronary Pneumonia epidemic has hit Hong Kong's economy, and there are many vacant shops in shopping malls. (Profile picture / Photograph by Gao Zhongming)

The DAB Li Huiqiong questioned the Labour and Welfare Bureau in the Legislative Council and pointed out that there are still operators and practitioners in multiple industries that have not benefited from the two rounds of anti-epidemic funds. Shop owners provide tax incentives to encourage owners to reduce rents, etc.

The rent index fell by about 7% in March

The Labour and Welfare Bureau quoted in writing, quoting the latest rent index of the Rating and Valuation Department. The rent of private retail buildings in March this year decreased by about 7% compared with the same period last year. This shows that the market rent has shown a downward trend, so in this case It is not advisable to provide tax concessions with public funds to encourage landlords to reduce rents. Moreover, tax concessions must be implemented through amendments to the "Inland Revenue Ordinance", which failed to alleviate the rental pressure of enterprises in the short term.

The Labor and Welfare Bureau also pointed out that the government has provided rent relief to eligible merchants or institutions renting government properties. The rent relief for eligible tenants from April to September is 75%; tenants who have to shut down completely due to anti-epidemic measures , During the suspension period, you can get full rent relief. The government encourages public institutions to follow the above practices and calls on private market owners to provide rent relief to their tenants to overcome the difficulties.

▼ A number of measures of the second round of anti-epidemic and anti-epidemic funds ▼

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Zhuo Yue Jordan store was chased by rent and other 1.23 million owners said that since September last year, rent has been reduced many times

SHKP: April to continue to push basic rent reduction between 30% to 50%

【New Coronary Pneumonia】 Rental rent reduction of house negotiation households reduced to 75%, expected to receive 130 million yuan less revenue

The Housing Department's property price index rose 0.4% in March, and the rent fell sharply by 2% after three consecutive declines

Rent New Crown Pneumonia New Crown Pneumonia Li Huiqiong

Source: hk1

All news articles on 2020-05-20

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