THE SPANISH Minister of Finance, Maria Jesus Montero has announced that rents of properties used in the hospitality sector such as bars and restaurants must in certain circumstances be cut by 50 percent until the national state of alarm is ended.
Landlords with more than 10 properties in town centers who have not already offered a temporary discount will be affected in order to try to help the struggling hospitality industry which has already seen numerous closures.
Owners of bars and restaurants will receive tax credits against rent and will be able to hold back certain payments whilst landlords will receive tax incentives when they lower rents.
With thousands of bar owners on the brink of going out of business, the reductions will bring some light Christmas relief for the suffering hospitality industry across Spain.
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