Regulatory Alerts2012-01-01
Circular No. 15: Tax on Deposit Interest
The Palestine Monetary Authority issued Circular No. 15/2012 to mandate all banks operating in Palestine to notify customers of any tax deductions applied to their deposit interest income. This directive operationalizes Legislative Decree No. 8 of 2011 concerning Income Tax and fulfills regulatory transparency and disclosure obligations. Banks must proactively inform depositors of all interest-related withholdings to ensure full compliance and enhance public awareness.
Palestine Monetary Authority
Palestine Monetary Authority
Circular No. (15/2012)
To all banks operating in Palestine
Date: Monday, January 23, 2012
Subject: Tax on Deposit Interest
Further to Circular No. (2011/192) dated 23/11/2011 regarding Legislative Decree No. (8) of 2011 concerning Income Tax, and in compliance with transparency and disclosure requirements and to raise awareness among depositors, all banks are requested to notify customers of any deductions made from their deposit interest income in accordance with the application of the law.
Public Relations and Market Discipline Department
Palestine Monetary Authority
Ramallah - Al Bireh P.O.Box 452 - Tel.: 02-2409920 - Fax: 02-2409922
Gaza - P.O. Box 4026 - Tel.: 08-2825713 - Fax: 08-2844487
E-mail: info@pma.ps
www.pma.ps
Ramallah - Al Bireh P.O. Box: 452 - Tel.: 02-2409920 - Fax: 02-2409922
Gaza - P.O. Box: 4026 - Tel.: 08-2825713 - Fax: 08-2844487