SINGAPORE: Businesses will receive more than S$470 million in rental relief from Nov 26 under the third Rental Support Scheme payout, the Inland Revenue Authority of Singapore (IRAS) and Ministry of Finance (MOF) said on Monday (Nov 22).
Authorities will disburse the payouts to more than 40,000 tenants and owner-occupiers without going through landlords, as was the case with the first and second payouts.
The third payout was announced on Oct 20 to support businesses with rental costs during the Stabilisation Phase from Sep 27 to Nov 21, said the authorities.
A cash payout equivalent to one month's rent for the Stabilisation Phase period will go to small and eligible non-profit organisations with an annual revenue not exceeding S$100 million, which are tenants or owner-occupiers of qualifying commercial properties.
The three payouts add up to more than S$900 million of support for rental costs, said the authorities.
Eligible tenants and owner-occupiers will be notified by post, and can also view an electronic copy of the letter on the myTax Portal from Nov 26.
Tenants and owner-occupiers who received the second payout will be automatically given the third payout.
"This simplified process enables businesses to receive their third (rental support scheme) payout faster," said IRAS and MOF.
Those with PayNow or existing GIRO arrangements can expect to receive the cash payouts from Nov 26, while those without these payment arrangements will receive cheques by Dec 10.
Businesses that were not eligible for the second payout but are eligible for the third one should submit an application to IRAS. Applications will open on Dec 10 and close on Jan 21.
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Authorities will disburse the payouts to more than 40,000 tenants and owner-occupiers without going through landlords, as was the case with the first and second payouts.
The third payout was announced on Oct 20 to support businesses with rental costs during the Stabilisation Phase from Sep 27 to Nov 21, said the authorities.
A cash payout equivalent to one month's rent for the Stabilisation Phase period will go to small and eligible non-profit organisations with an annual revenue not exceeding S$100 million, which are tenants or owner-occupiers of qualifying commercial properties.
The three payouts add up to more than S$900 million of support for rental costs, said the authorities.
Eligible tenants and owner-occupiers will be notified by post, and can also view an electronic copy of the letter on the myTax Portal from Nov 26.
Tenants and owner-occupiers who received the second payout will be automatically given the third payout.
"This simplified process enables businesses to receive their third (rental support scheme) payout faster," said IRAS and MOF.
Those with PayNow or existing GIRO arrangements can expect to receive the cash payouts from Nov 26, while those without these payment arrangements will receive cheques by Dec 10.
Businesses that were not eligible for the second payout but are eligible for the third one should submit an application to IRAS. Applications will open on Dec 10 and close on Jan 21.
Continue reading...