Investors in Israel Seek Exemption from Property Tax Law

Dr. Emanuel Neumann, head of the Jewish Agency’s economic department, today urged Finance Minister Levi Eshkol to exempt foreign investors in Israel from the property tax law, a draft of which has been submitted to the Knesset. Heading a delegation of the Foreign Investors Association, Dr. Neumann based his objections on the promise to exempt new enterprises in their first five years of operation.

Dr. Neumann pointed out that “levying taxes on new plants might scare off new investors, which Israel needs so badly.” Mr. Eshkol has promised to consider the matter further and to make an announcement on the subject shortly. Under the projected law, foreign investors would be exempted from part of the tax, but the investors group is pressing for complete tax exemption until they are well established and their investments “being to yield fruit.”

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