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Property News: Tax Waivers for Rental, Property, and Others Affected by COVID-19

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A supplemental budget called the “Resilience Budget” worth more than S$48 billion will be helping businesses hit by the coronavirus pandemic. This was announced by Deputy Prime Minister Heng Swee Keat on Thursday (March 26).

The key measures are:

  • Help with property and income taxes
  • Rent waivers enhanced
  • Million-dollar packages for worst-hit sectors
  • More help in loans for small and medium-sized enterprises (SMEs)

With regards to property:

  • Restaurants, shops, hotels and tourist attractions will pay no property tax for 2020.
  • Businesses in other non-residential properties – like offices or industrial properties – will get a 30% property tax rebate.
  • Income tax payments will be deferred for three months for firms and self-employed persons, with no application required.
  • Public agencies, including the Housing Board and National Arts Council, will waive rent for eligible tenants for two months, up from half a month set out earlier.

Source: The Straits Times

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