Finance C’tee approves abolition of all stamp duties by 2008

The stamp tax on mortgages will be abolished from next week.

The Knesset Finance Committee today approved a gradual abolition of stamp taxes by 2008. The committee fully approved the Ministry of Finance’s proposal to eliminate stamp taxes in stages in 2005-2008.

In the initial stage, which will begin this Sunday, the tax will be abolished for mortgage and other loan agreements, residential leases, and other documents directly linked to these agreements (e.g. guarantees and liens).

Taxes on these documents will be the first to be eliminated, because they usually place a tax burden on the average citizen. Canceling this tax will cost NIS 300 million in the coming year.

In the stages slated for 2006-2007, it was agreed with Israel Tax Authority director Eitan Rub that he would bring a list of other items on which the stamp tax would be abolished during this period to the committee for approval within two months.

Published by Globes [online], Israel business news - - on December 30, 2004

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