Published: 9th September 2013
Over the course of the past five years, the overseas property market has seen considerable increases in the level of investment from property investors in Russia, however new legislation looks set to increase pressure on Russian investors who will now face a new unified real estate tax from 2013.
The new tax, which was announced earlier this week by Deputy Finance Minister Sergei Shatalov, looks set to replace Russia's current land and property tax system in two years time. Shatalov went on to say that although the tax will not actually be collected until 2013, preparations were already well underway with plans to introduce it in up to six pilot regions.
The new tax will focus on more simplified methods to provide more accurate valuations of buildings being purchased, with more expensive properties carrying increased taxes in line with the values.