The government loves to calibrate their regulations to fine detail. In the process, they cause a big headache and administrative burden to businesses.
Businesses are already struggling. They can do without the additional burden.
I recall reading a report that a landlord has to give rental relief to their tenants to help them to overcome the economic crisis.
I have to search the internet for the kind of relief to be provided and how it can be recovered from the government.
I found this webpage.
https://www.mlaw.gov.sg/covid19-relief/rental-relief-framework-for-smes#eligibility
It seems that I have to waive the rental from my tenant for two months and to seek a recovery of 0.68 months from the government. I was given 0.32 months in property tax relief. I have to bear the loss of one month rental.
Never mind the additional work. This government loves to calibrate and add the cost of calibration to the business community.
I know that this is not a big amount of money on private residential compared to malls.
ReplyDeleteWhen we bought our private property for investment, a foreign bank insisted that we have the
affordability to pledge a minimum 20% funds to their bank as a fixed deposit in the event
that due to unforeseen circumstances, they could use the fixed deposit as a temporary payment
till finances were to straighten out. Other than the 20% upfront payment for the property,
we maxed the loan to 80%, so as to have emergency money for other expenses and loan
repayment of up to a year for non-tenancy rent collection. There is a difference between
foreign banks who want your businesses, but also to protect themselves. As long as they
have a little security they are more a less not as particular in your application, citing
cash-rich, asset poor. There was no such thing as ABSD, LTV or TDSR or TDRS. Thinking out
of the box, they claimed that one's income is not permanent. Besides on tenure, one can
live up to 60 and be sickly, another can work up to 75 due to good health. There is a
difference between "smart" or just "book-smart. Of course, this was years ago. A lot has since
change since 4G took over. Today, we are retired and living on the rental, with the loan
fully paid.
Talking about malls, it has to be their duty to cut rentals when times are bad. When business was good, there was a clause in some contracts, that they are entitled to the tenant's profits of 30%. The
tenants have to forfeit their deposits (2 months plus one advance) or pay in full all
rentals if the tenancy is not fulfilled.
ReplyDeleteLarge voters added that the honourable thing for __________ to do would have been to admit that his party's spending of the country 90 billion was based on _____________________????????
Winning syndrome
ReplyDelete* Jamus Lim 78%
* Lee Hsien Loong 74%
* Pritam Singh 65%
* Sylvia Lim 65%
* Heng Swee Keat 60%
* West Coast 48%
* Tanjong Pagar 68% PAP
* Potong Pasir PAP 55%
* Bukit Batok 46%
* Tambya 53%