The Verkhovna Rada has approved the first reading of the Bill number 4572 promoting the investment through privatization and lease

On July 15, 2021, during an extraordinary session the Verkhovna Rada has approved by 257 votes the first reading of the Bill developed by the State Property Fund and MPs on Amendments to the Law of Ukraine “On the State Property Fund of Ukraine” and other legislative acts of Ukraine regarding assistance in attracting investments in the process of privatization and lease of state and communal property.

The Bill is a comprehensive document eliminating artificial obstacles to the privatization of non-core state assets by amending 27 existing laws and three codes, in particular, the Budget, Tax and Administrative Codes.

In particular, the Bill will unblock the privatization of the objects that are under arrest.

Special focus in the first reading of the Bill is paid to the motivation of local authorities and asset holders to transfer non-core objects for privatization.

 Thus, it is planned to send 10% of revenues from small-scale privatization to local development budgets and 20% of the proceeds - to the balance-holders who transfer objects for privatization.

The adoption of the Bill to promote investment attraction in the privatization and lease process in the first reading is an important step towards the economic development of Ukraine.

The text of the Bill can be found on the website of the Verkhovna Rada at the link https://bit.ly/2U9HOtN.