SA Reits want tax relief from Covid-19 fallout
Listed property sector worst-hit asset class as lockdown takes its toll, with retail tenants saying they cannot pay rent.
Amid rising uncertainty and the widening economic fallout of the Covid-19 pandemic, the South African Real Estate Investment Trust (SA Reit) Association has made an urgent request to the National Treasury to provisionally relax Reit tax rules in the country.
SA Reit chair Estienne de Klerk tells Moneyweb that a proposal on the matter was sent to Treasury on Monday.
This comes as the association, which represents the country’s multi-billion-rand listed property sector, looks at ways to mitigate the impact of the global coronavirus outbreak on the property industry. With thousands of businesses closed across the country, including most retailers in malls and city centre properties, Reits are facing the real prospect of tenants not paying rentals.
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