Ukrainian Vice Premier and Social Policy Minister Sergiy Tigipko has said he hopes that a bill on taxation of luxury and elite property drafted by the Social Policy Ministry would be adopted by end of 2011.

In an answer to Facebook users, Tigipko noted that a relevant bill has been posted on the ministry's Web site and will be discussed for three more weeks.

"After that I will submit it to the Cabinet of Ministers, and I think that it will be sent to the Verkhovna Rada of Ukraine. I really hope that the draft law will be signed by the president by the New Year," the vice premier said.

The document proposes to introduce a tax on luxury goods for individuals. In particular, it proposes to impose additional taxes on expensive cars, aircrafts, motorcycles, big estates and land plots, elite goods and clothes worth EUR 2,000 and more.

According to preliminary calculations, introduction of this document could earn the national budget of Ukraine about Hr 800 million per year.

These funds could be spent on payment of pensions.