Regulatory Alerts2006-01-01
Circular No. 54: Property Tax
The Palestine Monetary Authority issued Circular No. 54 to require all Palestinian banks to withhold property tax obligations from rental payments made to landlords. Banks must either secure a formal tax clearance certificate from the Property Tax Directorate before disbursing funds or deduct the applicable tax from the rent and remit it directly to the Directorate. This mandate addresses landlord non-compliance and ensures accurate tax collection on bank-leased properties.
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