Real Estate

Russia to Issue New Property Tax Laws for 2013

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May 13 – Current land and real estate tax might be replaced by new property tax laws in 2013 after the next presidential election in Russia.

According to Vedomosti, the new tax laws should become a basis for filling local budgets. The Ministry for Economic Development and Trade and the Ministry of Finance said the new tax will be collected from the real market cost of the property which is larger than official estimations of the Federal Bureau of Technical Inventory.

The new system for estimating market cost of a property is currently being developed. Independent appraisers are supposed to use this system for property value estimation. It is not yet clear how large the increase in property tax rates will be. “If the tax scale increases, prices might grow more than one hundred times,” said Taxadvisor partner Dmitry Kostalgin. Continue reading…

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