IN a bid to alleviate Covid-19's impact on businesses, SPH Reit said on Thursday that it will fully pass on its property tax rebate to its tenants"in a targeted manner".
This comes as Deputy Prime Minister Heng Swee Keat announced on Thursday that qualifying commercial properties will pay no property tax in 2020, and businesses in other non-residential properties will get a rebate of 30 per cent. "SPH Reit will pass on fully the property tax rebate received from the Singapore government for its Singapore assets to qualifying tenants adversely impacted by Covid-19," it said in its statement.
SPH Reit manager's board of directors will be taking a 10 per cent cut of directors' fees. Chief executive officer of SPH Reit Susan Leng will also take a pay cut of 10 per cent; other senior staff will take pay cuts of 5 per cent. The cuts will be effective from next month and be reviewed at the end of the year.The Business Times
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