Ukrainian MP won't support universal property tax

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Ukrainian MP won't support universal property tax

There was talk about the introduction of a universal real estate tax, but I do not think now is the time for it or for discussions on that matter, Majauskas told Delfi TV on Tuesday.

The Conservative MP said that other members of the Committee would not support this tax or a raise in other taxes.

The Committee on Budget and Finance wouldn't approve of new universal taxes, as far as I can tell you. MP Majauskas said today that we must focus on support for the most vulnerable, for families, for small and medium-sized businesses.

The Ministry of Finance suggested that the universal real estate tax would be progressive and will take into account the value of a property and be linked to a person's primary place of residence. The average tax size is estimated to be EUR 13.5 per year.

The Finance Ministry estimates that revenue from real estate tax for the second and every subsequent property would amount to between EUR 25 million and EUR 100 million per year, depending on the tax rate set by municipalities.

The Bank of Lithuania proposed that real estate tax could consist of eight different rates depending on the value of the property and, in that case, tax revenue would reach EUR 97 million per year.