At an extraordinary session on Monday, Kharkiv City Council extended the local tax benefits for individuals, legal entities and individual entrepreneurs for the second half of 2024, the press service of the city council has said.

"We are incurring losses, but today it is very important to support business so that entrepreneurs stay in Kharkiv and create jobs," Kharkiv Mayor Ihor Terekhov was quoted as saying.

However, the press service did not specify the amount of losses.

As reported, on April 30, Kharkiv City Council approved tax benefits for land and real estate for individuals, legal entities and individual entrepreneurs from April 1 to June 30, 2024. According to the decision, the land tax rate for plots of land of individuals and legal entities was 0% of their standard monetary value. Also, for this period, the tax rate on real estate (if it is not a land plot owned by legal entities) was set at 0%. In addition, payers of the single tax of the fourth group were provided with a 100% reduction in tax liabilities. Terekhov said that the benefits will lead to the loss of about UAH 1 billion from the city budget.