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Developers may be exempt from the payment of share participation

Застройщиков могут освободить от оплаты паевого участияThe regional development Ministry plans to cancel the payment by developers of unit participation in local budgets.

The Ministry of regional development, construction, housing and utilities of Ukraine intends to cancel at the legislative level payment of the developers share contributions to local budgets.

“The law gives the right to municipalities to determine the rate of share participation – it encourages competition between cities for investment. But, in my opinion, the time has come at the legislative level to cancel mutual participation,” – said Vice Prime Minister – Minister of regional development, construction and housing and communal services Gennady Zubko.

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He explained that the regional development Ministry is considering introduction of a mechanism of accounting for the cost of building the municipal authorities of civil engineering in price sold at the auction of the land.

“Local governments under decentralization have received additional funds, including from tax on immovable property, part of which can be focused on the development of the housing sector and the construction of engineering networks. Now the question of investor involvement. If the city offers him the land with all necessary engineering networks, the competition will be able to specify the price based on their cost. Then it will be a completely transparent system,” – said Gennady Zubko.

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In his opinion, mutual participation is a huge financial burden on the Builder and the buyer.

In addition, its abolition will allow Ukraine to move forward in the Doing Business rating.

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