In the aim of chilling the residential housing market, the Ministry of Finance and the Israel Tax Authority continue to occupy headlines with new information on the change and abolishment of tax exemptions on the purchase of residential apartments, to the dissatisfaction of the Ministry of Housing and Construction. Many investors tend to register investment apartments in the names of their adult children (over the age of 18), in which case they are considered a separate family unit to their parents, which entitles them to an exemption on a single residential apartment. The Israel Tax Authority is spot-checking declarations, while submitting a false declaration constitutes a criminal offense subject to heavy fines. In the article, Advocates Joulus and Gazit explain how to contend with this strict position of the Israel Tax Authority.
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