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Rada approves changes to tax rules for operations with future housing projects
KYIV. Sept 21 (Interfax-Ukraine) – The Verkhovna Rada of Ukraine has generally adopted a bill on the peculiarities of taxation of operations with real estate objects that will be built in the future.
A total of 273 MPs backed bill No. 7683 with amendments to the Tax Code at the plenary session of parliament on Tuesday, Yaroslav Zhelezniak, a member of the Holos parliamentary faction, said on his Telegram channel.
According to the head of the Servant of the People party, Olena Shuliak, the bill exempts from personal income tax transactions for the sale of housing and other construction projects, including unfinished ones, if the property right to them is registered in favor of the buyer and paid at least partially. Personal income tax is paid from the difference between the purchase and sale amounts.
In addition, a cash method is being introduced for developers for VAT taxation for operations with objects that will be built in the future.
The bill also establishes that the first delivery of housing is the first transfer of a special property right to the relevant object (including an indivisible residential object under construction or a future housing object) to the buyer under a sale and purchase agreement from the customer or developer of the construction.
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