The goal is for the Knesset to approve the zero VAT bill for first-time homebuyers by September 1.
The cabinet today unanimously approved the zero VAT bill for first-time homebuyers of new apartments. The bill now goes to the Knesset Finance Committee and to the Knesset plenum. The goal is for the Knesset to approve the bill by September 1.
Last week, the ministerial legislative committee approved the bill, but without the Likud ministers who walked out, while Minister of Justice Tzipi Livni abstained.
For the law to come into effect as planned on September 1, the parties involved in writing it must complete all preliminary work. Government Assessor Tal Alderotti must draw up the price per square meter tables for each area where the tax break will apply, the Israel Tax Authority will have to prepare a mechanism for the public to access information about the tax break, and the ministers of housing and finance will have to set precise specifications about the applicable apartments.
Published by Globes [online], Israel business news - www.globes-online.com - on June 22, 2014
© Copyright of Globes Publisher Itonut (1983) Ltd. 2014
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