Additional Grounds for Personal Income Tax Credit

On 29 June 2010, the Ukrainian Parliament passed the law "On Amending Certain Legislative Acts of Ukraine to Improve State Regulation in Housing Construction". The law provides additional grounds for personal income tax credit. In particular, tax credit will include not only interest on residential mortgages, but also commissions or remuneration under such contracts. Moreover, tax credit will include interest (commission, remuneration) on residential property buyout lease agreements or on financial lease agreements and also taxpayers' expenses for "affordable" housing construction (acquisition), including repayment of privileged residential mortgages granted for such purposes and interest on such mortgages.