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The effect of the law on tax on third apartment delayed for a month

Legal adviser to the government told the high court that the actions of the law on tax on third apartment will be postponed for a month. In the response submitted on behalf of the government, indicated that the decision was agreed with the IRS. Thus, the law will come into force at the end of July.

In the publication on the website Walla News indicated that the way the state responded to the claims of property owners who have requested to postpone the implementation of the law for 90 days.

Under the new law, the tax is imposed on owners of three or more apartments. The amount of tax will be 1% of the value of the apartment, while the maximum size should not exceed 18 thousand shekels a year. It is about 1,500 shekels per month with one apartment.

According to the Ministry of Finance and Tax administration, the law covered about 50 thousand property owners in Israel.

In may, the legal adviser to the government told the high court that the law on tax on third apartment can not be returned for revision to the financial Commission and the Knesset. In response, it was noted that the Finance Minister Moshe Kahlon, one of the defendants in a suit filed by investors and representatives of the opposition, opposed the repeal of the law, as it inevitably will negatively affect the real estate market in Israel and will break on the positive trends. The document stressed that the law in Israel has decreased the number of investment apartments, the rise in housing prices has slowed, investors began to put their own apartments up for sale, thereby increasing supply on the secondary housing market.

The effect of the law on tax on third apartment delayed for a month 13.06.2017

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