Ukrainian Prime Minister Yulia Tymoshenko has proposed the introduction of a wealth tax as part of a plan aimed at stabilizing Ukraine’s economy.
Announcing the government's so-called 'anti-crisis law', Tymoshenko said last Wednesday that the wealth tax, which is set to be implemented on November 1, will mainly effect large landowners. Revenues derived from the new tax will be used to subsidise local government budgets.
"Where people live luxuriously today there are grounds to introduce a tax on such property and to enrich local budgets," Tymoshenko said.
The government also plans to introduce an excise tax on the sale of oil products in the Ukraine.
However, tax relief will be granted to the construction industry in a bid to reduce costs for that sector, Tymoshenko said.
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