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News Briefs

  טבת 9, 5771 , 16/12/10

Govt. Takes Additional Steps to Lower Housing Prices

In a further effort to calm the hot real estate market in Israel, Finance Minister Yuval Steinitz and Housing Minister Ariel Attias announced Thursday that the purchase tax on residences bought for investment purposes will be raised. Over the next to years, anyone who already owns a home will a higher purchase tax, while anyone who sells a second home will receive a discount on capital gains taxes resulting from the profit accrued in the sale. The discount will apply to the sale of apartments even before the four year required waiting limit for a smaller capital gains discount that had been required until now.

In addition, landowners who sell property for development for housing will pay only 20% capital gains tax on their profit from the sale over the next year.
Other archived news briefs:Dec 16 2010, 01:59 PM, 12/16/2010