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MOSCOW, January 21. /ITAR-TASS/. Russia's Economic Development Ministry is proposing tax rate cuts for citizens renting out their apartments in a bid to introduce more order and legality in the rental market, the newspaper Vedomosti reports.
President of the City Economy Foundation Institute Nadezhda Kosareva says just five percent of Moscow property owners pay tax on apartment rental income they receive, noting that the city budget loses some 27.5 billion rubles a year.
The damage is highlighted by Moscow Mayor Sergei Sobyanin, who says around 130,000 city apartments are rented out illegally.
Ministry officials propose the move in an attempt to increase population mobility, which requires development and legalization of the rental market, they say.
Cutting the tax rate to half or 60 percent of the current 13 percent income tax rate would also acknowledge asset depreciation and investment made, the ministry says.