Ukraine Introduced New Property Tax

Ukraine Introduced New Property Tax

The new Ukrainian property tax came into force on January 01, 2013. It affects 28 mln housing facilities, and the government expects to derive revenue amounting to UAH 75 mln from that tax during 2013.

Residential properties excluded from the tax are state-owned properties, properties in the Chernobyl Exclusion Zone, country houses, hostels, children's homes, and homes with three or more adopted children. There is also an exemption for apartments smaller than 120 square meters, and houses smaller than 250 square meters. The tax is payable once a year by individuals and entities. The tax rate will be set locally.

The new Ukrainian Ministry of Incomes and Fees created by the recent reorganization of the State Tax Service and the State Customs Service reassures taxpayers that a new tax on property will not create extra expense for most Ukrainians due to benefits included into the Tax Code.

Despite of that statement, a person (a family in case of three or more adopted children) owning several properties can claim benefits in relation to one property only. 

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