Rent reduction: 40% “haircut” is mandatory for businesses and employees

The mandatory reduction of rents for companies affected by the pandemic was restored by the coronavirus. Although the measure was replaced by the optional reduction of rents, the tightening of measures to curb the pandemic leads to a reduction in economic activity and financially It is recalled that the measure of mandatory “haircut” of rents was implemented until September in various sectors. From October to December it was voted that the measure will be implemented on an optional basis. The new decision to reduce rent However, the spread of the pandemic and the increase in cases brought new measures to support businesses and employees. Businesses based in a Regional Unit included in the “Increased Risk” level for at least 14 days within the month and affected According to the extended list of KAD April, they are entitled to a mandatory rent reduction of 40% on their commercial real estate. Read also: These are the nine measures to support businesses and households The same applies to the main residence of employees who are suspended from employment, but also to the student residence of their children, throughout the territory. For the companies that are included at the level of “Supervision”, the optional reduction of rent is valid, according to the expanded list of KAD. For the owners who rent real estate in these companies and the above employees, 1/3 of their loss is offset by their tax obligations. Tax and insurance debts For companies whose operation is suspended by order of a public authority, it is possible to suspend the payment of VAT payable in November, until April 30, 2021. This debt will be repaid in 12 installments with zero interest rate or 24 installments with interest rate. 2.5%, from May 2021 onwards. Also, for companies whose operation is suspended By order of a public authority, it is possible to suspend the payment of installments of regulated tax and insurance debts, payable in November. Their repayment is postponed to corresponding installments, at the end of the current regulation. Follow it on Google News and be the first to know all Latest News from Greece and the World, at

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