Treasury mulls rent reduction

Treasury mulls rent reduction

The Treasury Department is considering reducing land rents for companies affected by the Covid-19. Among them is the Airports of Thailand (AOT), which requested a one-year rent reduction, citing lower revenues caused by the pandemic.

Yuttana Yimgarund, director-general of the department, said it launched measures to assist small tenants by postponing their rent payment, and it will do so next for larger businesses, including hotels.

He said rental reductions for select businesses hit harder by the economic repercussions of the Covid-19 pandemic are also being considered.

Mr Yuttana said the AOT submitted a letter to his department, calling for the reduction of rent for one year due to revenue losses owing to a lack of tourists amid the pandemic.

As for others, hotel owners have called on the department to cut the rent by about half.

A committee is looking into the assistant measures to be given to the tenants affected by Covid-19.

The assistance will be considered case by case, together with the laws and the financial performance of the tenants, Mr Yuttana said.

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