Acquisition of luxury apartment costs 64 million ILS

A technology entrepreneur acquired a luxury apartment for 64 million ILS. However, he faced a tax dispute over 3.1 million ILS with the tax authority. A Tel Aviv district court ruled that he cannot reduce this amount from the purchase tax he paid in 2015, despite initially paying tax based on a "residential apartment" classification, while the apartment was incomplete, which incurs a lower tax rate.

Reported by TheMarker.