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Fund jointly with the US Treasury Department held a strategy session to plan the reform of valuation activities in Ukraine

In June, Krakow (Poland) hosted a strategic planning session on reforming valuation activities in Ukraine and the role of collateral valuation in the procedures for paying out guaranteed deposits to individuals. Experts from the U.S. Treasury Department's Office of Technical Assistance shared their experience with the SPFU and the Deposit Guarantee Fund.

Following the results of the session, the Fund will prepare a Roadmap for reforming valuation activities in Ukraine.

"Professional valuation means that it is trusted (believed) by the client, international partners, and donors in Ukraine. Such a valuation is the key to long-term partnerships with foreign investors. Shortly, we will present a Roadmap that will define the key vectors of the reform. In particular, it will include approaches and tools for valuating damages caused by the war trusted by international investors and donors," comments Svitlana Bulgakova, Director of the Valuation Department.

In Krakow, for example, international experts and Ukrainian colleagues worked on the following issues:

  • best practices for regulating valuation activities in the United States, the possibility of their application in Ukrainian context, as well as the implementation of International Valuation Standards in Ukraine;
  • the legislative and regulatory changes necessary to reform the valuation activities in Ukraine, with a number of amendments to the draft law No. 7386 proposed to improve the regulation of valuation activities in Ukraine;
  • improving Ukrainian legislation, in particular, revising certain provisions of the Procedure for the Valuation of the Right of Claim under an Obligation Arising from a Credit Transaction, approved by Order of the State Property Fund of Ukraine No. 866 dated 29.05.2017;
  • introducing automated real estate valuation for tax purposes in Ukraine and the experience of other countries in this regard;
  • ways of improving the process of determining the tax base of real estate;
  • determining damages caused by the war and recording (storing) damage valuation reports in a unified register.

Property valuation as a professional activity in Ukraine was born in the 1990s and was associated with the privatization of state property, so the SPFU is the institution that originally established this profession. Currently, the SPFU is forming and implementing the state policy in the field of property valuation and valuation activities in Ukraine: ensuring the development and adoption of all legislation on property valuation (national standards for valuation, valuation methodologies, valuation procedures, etc); maintaining state registers as: The State Register of Valuators and Valuation Entities, the Unified Database of Valuation Reports; reviewing property valuation reports, and providing organizational support to the Examination Commission.

Currently, the SPFU Valuation Department is cooperating with a wide range of international experts, leading international valuation associations and donors, including: The World Bank, USAID, The European Group of Valuers' Associations TEGOVA, etc. - to learn the experience and best global practices of valuation and international standards implementation.

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