BREAKING NEWS

Zero VAT on apartment purchases for individuals who served in IDF

By YEHUDA SHARONI

MAY 11, 2014 20:52

Officials from the Attorney General's office and legal advisers of the Ministry of Finace came to an agreement on Sunday to determine which Israelis would be exempt from paying Value Added Tax (VAT) on the purchase of apartments.

Under the agreement, individuals who served in the army, or did National or Civil Service would be eligible for the VAT exemption for the purchase of an apartment up to 1.6 million shekels.

The exemption will also be available to individuals above 35 years as well as to single parent families. Inorder to frustrate arguments of unfair discrimination, it was decided to give the exemption to all individuals who purchase an apartment thats value does not exceed six hundred thousand shekels.

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