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Israel Prepares Law Imposing Special Tax on New Luxury Apartments

A draft of a new law that would impose a special tax on newly constructed luxury apartments, aiming to use the proceeds of such a levy toward slum clearance projects, will be introduced by Israel’s Government this week in the Knesset, the Israeli Parliament, it was announced today.

Under the law, the owner of a new luxury apartment would be required to pay 100 pounds for each square meter of space above an initial 125 square meters. The special tax would be paid once, and will not be an annual levy.