President of Ukraine Viktor Yanukovych signed the law "On Amendments to the Tax Code regarding residential real estate", which parliament approved on second reading in early July, the official portal of the Verkhovna Rada of Ukraine informs.
By law, owners of residential properties that are taxable should pay tax for 2013 in the following year – 2014. However, by December 31of this year, owners can make data reconciliation based on original documents of title for residential real estate and living space of such objects. To do this, one should contact the tax authority at the place of registration of property owner.
For convenience of taxpayers the law reviewed sizes of real estate under exemption. So, apartment owners do not pay taxes if their total living area is not exceeding 120 square meters. For owners of buildings the "privileged area" is defined in 250 square meters, again no matter the number of homes owned by person. If the owner has both a flat and a house with total living area of 370 square meters, he also does not pay property tax.
If the estate area exceeds these meters under exemption, you have to pay tax only on those meters that exceed a specified size.
However, experts of Minincomes emphasize if taxation objects are used by owners to receive income that is - are for rent, lease or used in business, exemption is not valid.
The tax rates are differentiated.
For owners:
- Apartment - less than 1 percent of the minimum wage (minwage), with residential area not exceeding 240 square meters, meters in excess - rate will be 2.7%;
- Homes - less than 1 percent of minwage, with residential area not exceeding 500 square meters, meters in excess with rate - 2.7%;
- Apartments and houses - 1 percent of minwage, with residential area not exceeding 740 square meters, meters in excess with rate - 2.7%.
For corporate clients they also extended the term of declaration on property tax from February 1 to February 20.
Individuals will receive report on tax payment before July 1
