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A Court in Gaza imposes Tax Penalties on Major Palestinian Banks

2011-11-17

Palestinian bankers warn against a Gaza court verdict to impose a $100 million tax on Bank of Palestine as a tax payable since 2005 until last year. The verdict included preventing the eleven Board of Directors from leaving the Gaza Strip, until a final a decision in the case has been reached.

It referred to the tax value balance of $99.7 million that is supposed to be paid by the bank in addition to fifty million Israeli Shekels, as for what the court considered VAT charges and delay penalties resulting from the failure to pay over the past five years.

The Court has taken the same actions against Palestine Islamic Bank, by ruling the payment of a sum of money and prevented the travel of its board of directors.

Bankers described this decision as arbitrary and illegal, warning the severity of its repercussions that may be up to the closure of banks in the Gaza Strip or a minimum of work stoppage for several days.

 

 

 

 

 

 


 

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