The mechanism for implementing luxury taxation will envisage levying special taxes on expensive cars and other luxury properties, Finance Minister Anton Siluanov said.
This statement followed calls by politicians to introduce special taxes on luxury items such as super-expensive houses, planes, yachts and cars. “The tax on luxury cars will be levied via a transportation tax by introducing a higher taxation coefficient on vehicles with huge horsepower, while taxation on elite real estate assets, expected to kickoff in 2013, will be based their true market values.”
The finance minister specially noted that the interests of poor people will not be affected by the introduction of such luxury property taxes. “There will be subsidies for relatively poor people that have large or elite apartments.”
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