There was got more than UAH 200 million for the payment of pensions, revenues to the Pension Fund increased by 42% due to automatic real estate valuation
The data received from the Pension Fund of Ukraine testify to the growth of revenues to the pension system from real estate transactions after the introduction of the Automatic Assessment Service by the State Property Fund of Ukraine.
“One of the key functions of the Automatic Assessment Service is to control the non-understatement of the tax base for real estate transactions of individuals. The efficiency of its work is eloquently evidenced by the 42% increase in revenues to the Pension Fund, ” said Dmytro Sennychenko, Chairman of the State Property Fund.
The service of automatic determination of the appraised value of real estate started working on June 29 this year - at the very beginning of the third quarter.
According to the Pension Fund of Ukraine, revenues from real estate transactions of individuals increased in the third quarter of 2021 compared to the same period last year - from UAH 515.5 million to UAH732.7 million.
Also, according to the State Tax Service, in the third quarter of 2021 the personal income tax revenue increased by 18% compared to the third quarter of 2020, which also includes the share of personal income tax revenue from sales (exchange ) own real estate.
Dmytro Sennychenko, Chairman of the State Property Fund, noted that the dynamics of these revenues is largely influenced by the general revival of business activity in the country - more real estate transactions are concluded, and the role of service in such growth is significant.
“In practice, the service has demonstrated the effectiveness of control over errors or artificial understatement of tax calculations on real estate transactions, and this is an important step towards creating a fair valuation system,” said Dmytro Sennychenko.
He also explained that in cases where citizens do not agree with the appraised value of real estate, they are free to turn to professional appraisers to determine the market value of objects, and, if necessary, send them for review online.