Knesset Gets Bill Calling for Compulsory Loan on Property

Finance Minister Levi Eshkol today introduced into the Israel Parliament the draft of a bill providing for a compulsory loan on property. This measure is a companion piece to the enforced loan on bank deposits and currency which went into effect early this year.

The draft presented today would place a sliding scale of loans on owners of moveable and immoveable property including land in city and country, on plantations, vehicles, livestock, raw materials, finished and unfinished goods. Personal property will be exempted from the loan, which ranges from six percent on property valued at 10,000 pounds or less, to 12 percent on property valued at 30,000 pounds and over. Loans on goods may be paid to the government in from one to seven months, but loans on other types of property may be paid in from one to 30 months.

No date for the Parliamentary debate on this legislation has yet been fixed, but it is expected that the measure will come to the floor of the House in a short while.

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