Kyiv City Council on October 18 at second reading passed a decision to set up the rate of a tax on land meant for the construction and maintenance of high-rise buildings at 0.01% of the recognized estimated monetary value of land. The current rate is 1%.
The respective changes are stipulated in Kyiv City Council’s decision on the establishment of local taxes and fees in the city of Kyiv dated June 23, 2011, which was taken as a basis on July 19, 2018.
Leonid Antonenko, a member of the Kyiv Team group of deputies, said that the changes had been introduced to provide reduced rates for multi-apartment building co-owners associations, however, in its current state the adopted norm can be enjoyed by real estate developers as well.
“Real estate developers have been given a gift – a tax on land meant for the construction and maintenance of high-rise buildings that was decreased by a factor of 100! The first decrease from 1% to 0.1% was voted for in July at first reading,” the deputy said in a post on his Facebook page.