Tax Authority introduces online real estate deal reporting

Online reporting of real estate transactions is slated to become compulsory in 2016.

The Israel Tax Authority is trying to streamline its bureaucratic procedures for real estate transactions. Yesterday, Tax Authority head Moshe Asher officially announced the option of submitting reports of real estate transactions through the Internet. The Tax Authority has been talking about this measure for a long time, and after a limited six-month pilot at some district land tax offices, the Tax Authority is making it possible to submit an online report to all ten of its district land tax offices, and for all transactions. At this stage, online reporting is voluntary; reports can still be filed manually, as has been done up until now. The Tax Authority, however, plans to enact regulations establishing a duty to report online starting in 2016, under the authority granted to the Minister of Finance.

Asked by "Globes" when online reporting will become compulsory, the Tax Authority responded that a process of formulating regulations was involved, after which approval would have to be obtained from the Knesset Finance Committee, so there is still no date for making all reporting online, which will probably happen in 2016. According to the Tax Authority, the system was adapted during the pilot, and is expected to handle the load.

The Tax Authority said, "The measure is expected to eliminate the need for those making reports to come to the district offices, substantially shorten the handling time, and meet the new "paperless Tax Authority" standard. Online reporting will also greatly improve the published figures for transactions, which will henceforth be more complete, thanks to the use of compulsory fields in inserting the data. As part of its preparation for introducng the system, the Tax Authority is providing training on the subject for lawyers all over Israel, in cooperation with the Israel Bar Association Advanced Training Institute."

Published by Globes [online], Israel business news - www.globes-online.com - on June 24, 2015

© Copyright of Globes Publisher Itonut (1983) Ltd. 2015

Twitter Facebook Linkedin RSS Newsletters גלובס Israel Business Conference 2018