Legal Updates

Financial package to business due to the Covid19 Crisis: three-month city tax exemption

April 21, 2020

Due to the crisis created by the Corona Virus and the need to provide financial assistance to businesses, regulations were promulgated to provide for a 100% discount on business city tax for the period from 01.03.2020 to 31.05.2020 were approved. The discount will be given to all properties except certain excluded types such as: residential properties, banks, insurance companies, food stores and more. The regulations allow local authorities to decide at their discretion to grant a 25% annual discount instead of 100% discount for three months.