MPs propose to limit purchase of land by legal entities to 500 ha.

The Verkhovna Rada is proposed to reduce the largest possible area of land plots allowed for purchase by citizens of Ukraine and legal entities from January 1, 2024 from 10,000 hectares to 500 hectares, to oblige the buyer to cultivate at least 80% of the acquired land for at least five years, and also introduce a number of restrictions to prevent the concentration of land in one hand.

Bill No. 5771-1 with amendments to the Land Code of Ukraine regarding clarification of the criteria for acquiring ownership of farmland plots was registered on July 19 in the Verkhovna Rada by MPs Oleksiy Ustenko and Oleksandr Kachura (both are from the Servant of the People parliamentary faction).

The bill proposes to allow the purchase of up to 500 hectares of farmland only to citizens of Ukraine and legal entities created in Ukraine, while the buyer, after the completion of the transaction, is planned to be obliged to cultivate at least 80% of the purchased land for a period of at least five years. In addition, the bill proposes a ban on any changes in the composition of participants (shareholders, members) of a legal entity that has bought the land for a period of at least three years. According to the authors of the bill, these measures will neutralize the scheme of buying up land by large holdings through dummies.

In an explanatory note to the bill, the MPs refer to the experience of Poland, where there are restrictions on the land market, similar to those proposed in bill No. 5771.

In addition, the authors of the bill propose to temporarily set the size of the regulatory evaluation of land, below which the value of agricultural land cannot be estimated when concluding transactions with it, at a level not lower than $1,200 per ha. It is proposed to introduce an interim measure for a period of six months from the date of entry into force of the new methodology for regulatory evaluation of agricultural land, which the Cabinet of Ministers will have to develop and approve if the Rada adopts this bill.

Interfax-Ukraine

News about recent political developments in Ukraine, key Ukrainian economic news and major current events in the CIS and the rest of the world.

https://en.interfax.com.ua/

Related news
Kernel intends to buy back up to 19.2 mln shares for $250 mln

Kernel intends to buy back up to 19.2 mln shares for $250 mln

Kernel Holding S.A. (Luxembourg), the holding company of Kernel agroindustrial group, at an extraordinary meeting on August 30 intends to obtain permission from its shareholders to buy back up to 19.2 million of its shares for $250 million, while ...

Interfax-Ukraine

'Green' bonds could be issued in Oct – MP Honcharenko.

'Green' bonds could be issued in Oct – MP Honcharenko.

Prime Minister Denys Shmyhal, during a meeting of the Anti-Crisis Energy Headquarters in the Cabinet of Ministers, has agreed on the need to issue "green" bonds for settlements with renewable energy generation with an expected date for their issue...

Interfax-Ukraine

Inflation in Ukraine will reach 9.6% at year-end - NBU

Inflation in Ukraine will reach 9.6% at year-end - NBU

Consumer inflation in Ukraine will reach 9.6% at the end of 2021 and will return to the target of 5% in the second half of 2022, the National Bank of Ukraine (NBU) has said in its quarterly inflation report for July 2021.

UkrInform

Cuomo trying to avoid accountability 'at all costs': Lee Zeldin.

Cuomo trying to avoid accountability 'at all costs': Lee Zeldin.

Rep. Lee Zeldin, R-N.Y., accuses Gov. Andrew Cuomo of nursing home cover-up and corruption. #FoxNews Subscribe to Fox News! Watch more Fox News Video: Watch Fox News Channel Live: FOX News Channel (FNC) is a 24-hour all-encompassing news service d...

BREAKING: Fully vaccinated US & EU travellers can enter England without quarantine.

BREAKING: Fully vaccinated US & EU travellers can enter England without quarantine.

Fully vaccinated travellers from the United States and European Union can arrive in England without quarantining from 16 August.

Instagram Launches Enhanced Security Features For Users Under 18.

Instagram Launches Enhanced Security Features For Users Under 18.

Anyone under 18 years old who joins Instagram will default to a private profile. The company says it developed a tool that will detect suspicious adult accounts and stop them from interacting with teenage users.  » Subscribe to NBC News: » Watch m...

COVID-19 pandemic leads to major backsliding on childhood vaccinations - COVID-19 Special.

COVID-19 pandemic leads to major backsliding on childhood vaccinations - COVID-19 Special.

As hospitals around the world buckled under the weight of the COVID-19 pandemic, 23 million children missed out on routine vaccinations in 2020 - putting them at risk from devastating but preventable diseases like Measles, Polio and Meningitis. Th...

Boris Johnson has umbrella trouble at the National Memorial Arboretum.

Boris Johnson has umbrella trouble at the National Memorial Arboretum.

The Sun newspaper brings you the latest breaking news videos and explainers from the UK and around the world Become a Sun Subscriber and hit the bell to be the first to know Read The Sun: Like The Sun on Facebook: Follow The Sun on Twitter: Subscr...

'Demoralizing' to require masks for vaccinated people: Teacher.

'Demoralizing' to require masks for vaccinated people: Teacher.

Fox News medical contributor Dr. Marc Siegel explains why masking should never be 'mandated.' Neala Hadley, a mother of three, and high school teacher Jeremy Adams also discuss the new CDC guidance. Subscribe to Fox News! Watch more Fox News Video...