Bill on VAT increase passed at first reading

Mateusz Lasek, Senior Construction Market Analyst, PMR
The Duma has approved, at its first reading, a bill which will increase VAT from 18% to 20%. Once the document has finally been passed and signed by the President, the new regulation will come into force on 1 January 2019. From a business point of view, this constitutes another hurdle for construction companies and developers, after the recently passed law which significantly changed the shared-investment construction market. The VAT increase would cause a rise in the cost of construction and finishing materials, and eventually lead to increases in property prices. In addition, this…

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