The Romanian local administration will have the possibility to reduce the annual property tax paid by owners of shopping centers by up to 50%, according to an emergency ordinance passed by the Government.

However, mall owners must also cut the rents charged from their tenants by 50% or provide other facilities to get the tax break, Profit.ro reported.

The Government took this measure to help shopping centers, which were closed during the state of emergency.

Malls will not be fully reopened even after May 15, when the state of emergency ceases.

The Government wants to compensate part of the losses incurred by the shopping center owners and, separately, stimulate them to provide incentives to tenants. However, the final decision belongs to the local administration authorities.

(Photo: Pixabay)

editor@romania-insider.com