The Knesset Finance Committee gave preliminary approval on Monday to reform in land taxation that would require a real estate purchaser to pay 15 percent of a property's value within 25 days of the signing of the contract. The step is intended to speed up the registration of the property under the purchaser's name. The seller still has to pay capital gains tax on the sale. Final approval will follow another vote.
The reform was originally submitted with the financial arrangements portion of the 2011-2012 budget but the committee decided to separate it.