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Tax Authority Confirms No Income Tax Hike in Relief Packages
The Tax Authority has confirmed that the new draft laws concerning income tax aim to facilitate procedures for taxpayers and to integrate the informal economy into the formal sector, with no increase in income tax rates. The amendments include continuing to impose a 2.5% rate on the sale of real estate or land without converting it into a commercial activity. Additionally, a father is exempt from real estate transfer tax when selling or gifting property to his son or wife, provided that the transaction is documented at the real estate registry. The Authority also reaffirmed that the value-added tax (VAT) on gold is applied only to the craftsmanship fee (making charge), not on the price per gram or on bullion, with a protocol in place to determine its value based on the karats and types of metals.
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