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Decision to raise the Valued Added Tax rate to 16%

2013-06-02

The decision to raise the value added tax rate by 1% to reach 16% started to be effective from June 01, 2013.
The VAT rate was amended twice since 9 months. The first was an increase from 14.5% to 15%, while the second was last week.  
By this, the Palestinian government is committed to the maximum limit allowed to the VAT’s difference portion between Israel and the Palestinian Territories according to Paris Protocol.
Based on this decision; the new amended rate has been updated among brokerage firms with its impact on the total commission on trading in Palestine Stock Exchange by applicable law. Thus, the percentage of the commission payable on any sale or purchase has increased by 0.82% from 0.8205% to 0.8272%
.
The table below illustrates the changes on trading commissions since last September for the benefit of all parties taking into consideration its subjection to VAT by law:

 

Item

 

Base Rate

 

VAT (14.50%)

 

VAT (15%)

 

VAT (16%)

 

Change

 

Brokerage Company  (Valued Added Taxed)

 

0.0047

 

0.0053815

 

0.005405

 

0.005452

 

0.87%

 

Palestine Securities Exchange  (Valued Added Taxed)

 

0.002

 

0.00229

 

0.0023

 

0.00232

 

0.87%

 

Palestine Capital Market Authority PCMA ( Exempted from Valued Added Tax)

 

0.0005

 

0.0005

 

0.0005

 

0.0005

 

0.00%

 

Total

 

0.0072

 

0.0081715

 

0.008205

 

0.008272

 

0.82%

 

Total %

 

0.7200%

 

0.81715%

 

0.82050%

 

0.82720%

 

0.82%

 

 


 

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