As mentioned in our previous article on this subject, the Economic Arrangement Bill (Legislative Amendments to Implement the 2017-2018 State Budget) 5776-2016, was published by the Israeli government on December 29, 2016.

Various tax amendments were made including the new Multiple Apartment Tax Bill. This Bill imposes a tax on anyone who owns 3 apartments and more, at a maximum amount of NIS 18,000 tax per year, per apartment.

The Israeli Tax Authority (ITA) has yet again postponed the date of reporting and payment under this new Bill, this time for another month, until July 31, 2017.
 
Until this date, owners of three or more apartments must submit a declaration to the Tax Authority with details of their assets and pay the tax according to the provisions of the law.

The content of this article is intended to provide a general guide to the subject matter and is not a substitute for legal consultation. Specific legal advice should be sought in accordance with the particular circumstances.