These deductions are current as of tax year 2014.
Tertiary Education Expenses – limited to $60,000
- Acceptance Letter
- Proof of Payment
- Statement of Expenses.
Only fees/payments made to a foreign Tertiary Institution will be allowed as an expense.
First Time Home Owner – limited to $18,000
- Where the property is constructed or purchased a copy of the Completion Certificate or Deed of Conveyance respectively must be provided.
- The individual must provide evidence of proof of ownership
- Certificate of Assessment.
- The individual must satisfy the B.I.R. that the house to be used as a residence is a first time acquisition. The individual must provide an original statement from a financial institution/affidavit confirming first time acquisition and date property was acquired.
Property must have been acquired on or after January 1, 2011.
Deed of Covenant– limited to 15% of total income
- Proof of Payments.
Contributions/Premiums paid to Deferred Annuity/Tax Savings/Pension Fund Plans and 70% NIS contributions - Limited to $30,000
- Original document from Insurance Company/Financial Institution.
Alimony or Maintenance – Payments made in accordance with a court order
- Copy of Court Order and Proof of Payment.
The Personal Allowance - $60,000
- Statement of expenses incurred (limited to 2/3 of expenses).
- Letter from employer certifying your requirement to travel to your official duties, Copy of approval of dispensation where this is granted by Board of Inland Revenue.
Conversion to Guest House
- Approval from Ministry of Tourism.
- Detailed Statement of Expenditure.
- Completion Certificate.
The Tax Credit for a Venture Capital Investment – 25% of the investment
- Copy of Tax Credit Certificate.
CNG Kit and Cylinder Tax Credit
- Provide receipt of purchase and installation cost of CNG Kit and Cylinder.
- Certified copy of ownership of vehicle.
Solar Water Heating Equipment Tax Credit
- Provide receipt of the cost of the Solar Water Heating System.