Regulations on transferring benefit of property tax remissions in response to Covid-19 pandemic in force from 13 May 2020
22 May 2020
The Covid-19 (Temporary Measures) (Transfer of Benefit of Property Tax Remission) Regulations 2020 (“Regulations”) came into operation on 13 May 2020. The Regulations delineate how landlords of non-residential properties are required to transfer to prescribed tenants the benefit of the property tax remissions prescribed in response to the Covid-19 pandemic.
In particular, the Regulations provide for the following in relation to Part 6 of the Covid-19 (Temporary Measures) Act 2020:
- Prescribed remissions;
- Prescribed lessees and licensees;
- Amount of benefit for passing on;
- Manner of and time for passing on benefit;
- Owners’ obligation to provide information to tenants; and
- Exemption from passing benefit.
Part 6 of the Covid-19 (Temporary Measures) Act 2020 came into force on 22 April 2020, bringing into effect provisions that impose a duty on owners of non-residential properties to transfer to their lessees and licensees the benefit that owners receive from any reduction in property tax under the prescribed remissions in response to the Covid-19 pandemic.
This article provides a summary of some provisions in the Regulations. To read the article, please click here.
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