Regulatory Alerts2006-01-01
Circular No. 182 Property Tax
The Palestine Monetary Authority issued Circular No. 28/2006 to clarify the implementation of its prior directive requiring banks to withhold payments to property owners until a tax clearance certificate is provided or rental taxes are settled. The Authority emphasizes that this cooperative measure must not violate existing legal provisions or expose banks to potential liabilities, thereby affirming each bank's right and obligation to independently verify legal compliance. Banks are explicitly permitted to directly contact the Property Tax Directorate to report operational challenges and propose solutions for resolving tax-related discrepancies.
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