The Knesset, Israel’s Parliament, approved an amendment to the tax law today, extending from the present five-year period to 10 years the exemption from income taxes of approved investments in Israel.
The amendment, designed to encourage capital investments here, also provides other changes advantageous to investors. However, income tax exemptions for new buildings, heretofore free of property levies for five years, were totally abolished by the Knesset.
Another amendment, passed on first reading, against objections by all opposition parties, would authorize income tax assessors to impound lawyers’ documents relating to clients. Until now, assessors needed a court order before they could examine such documents. With Agudath Israel absent, the opposition was defeated on its objections by a vote of 34-10. In view of coalition support, the amendment is sure to be adopted when it is passed on second and third readings.
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