The Verkhovna Rada of Ukraine adopted amendments to the Budget Code, which determine the distribution of 12% of the normative monetary value of land, which will be used as the starting price at auctions for the transfer of land for lease.

This was announced by the head of the State Property Fund, Vitaliy Koval, emphasizing the importance of this step for the start of the "Land Bank" project.

Now 90% of such revenues will be directed to the state budget, and 10% to local budgets.

Koval explained that this decision has several important advantages: a significant increase in state budget revenues due to a transparent land lease market through the "Land Bank", preservation of local budget revenues at the current level, a prospective increase in local budget revenues due to bringing lease relationships out of the shadows, as well as strengthening of internal reserves in conditions of martial law.

"These are additional funds to the state budget from which the Defense Forces of Ukraine are financed. The FSMU team is working to make the Land Bank operational as soon as possible. I would like to remind you that in the first pool, it is planned to lease over 100,000 hectares of land per year through online auctions lands," Koval added.