The draft law regarding rents will be discussed by the parliamentary Legislative Affairs Committee on Monday after the Ministry of Justice has provided its thoughts. The bill comes at a crucial time when many businesses and tenants are suffering under the impact of the coronavirus crisis, with financial losses, and job losses making it difficult to keep up with rent payments.
The bill outlines that the tenants of investment or commercial buildings will be granted an exemption from rent payments during the first six months of an emergency situation which is classified as periods of natural disasters, wars or pandemic. In addition, the rental value will be slashed by 60 percent during the second six months of the emergency. The rent reduction will be in effect during the time of the government imposed lockdown as an emergency conditions.
In such cases, landlords are forbidden from forcing out the tenants during the period of emergency. If the tenant paid the rent in advance, he will receive compensation with a free period equal to the rent paid in advance. The draft law is relevant to private buildings and those buildings rented to individuals or companies by the government.
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