Tax on residential property in Ukraine in force

Tax administration accounts to collect about USD 10 million from new levy

Beginning 1st January 2013 Tax Code of Ukraine provides for taxation of residential property owned by physical persons and companies (including non-resident).

Apartments and houses with living space less than 120 sq. m. and 250 sq. m. accordingly are not liable for taxation. However, if person owns several objects, the exclusion will be applied only to one of them.

The tax will be collected once a year. Until 1 July 2013 The Tax administration will send the invoices to the owners of apartments and houses.