Fusion Capital has extended a 30 per cent reduction on rent to its tenants within its Upper Hill property, Flamingo Tower, amid a tough business environment occasioned by the coronavirus. The reduction on rent at the 18-floor prime building in Nairobi is effective April 1, to June 30, 2020, for all privately owned business in the premises. The Flamingo Tower board will also enforce the VAT reduction directive issued by President Uhuru Kenyatta, it said, by cutting VAT to 14 per cent on rent payments until further notice. We, as the board of Flamingo Tower Limited, hope that the discount on the rent will offer some relief to our partners during these uncertain times,” he said. Supermarkets are now encouraged to pay their suppliers within 30 days to ensure the producers, manufacturers continue to retain their workforce.

Source: The Star April 08, 2020 00:56 UTC