Category: General Tax

30

Sep2015

Draft Transparency Law

September 30, 2015
Leon Harris The Israeli Tax Authority (ITA) has just circulated a draft amendment to the Income tax Ordinance and the Prohibition on Money Laundering Law regarding Israel joining international tax information sharing agreements. Background: This amendment is needed to enable the Israeli government to ratify Israel's FATCA agreement with the US signed on ... Read More

30

Sep2015
Leon Harris Recent reports suggest the next government might consider legislating an estate tax, perhaps at the rate of 25% on estates over NIS 10 million. Few details are known, but what if it does happen? At present there are more questions than answers. Below we attempt to review the questions ... Read More

17

Feb2015
The OECD is at the forefront of an international campaign to try and collect more taxes from multinational groups. These groups are perceived by some governments as being over-successful in shifting profits to sunny offshore locations. Many billions of tax dollars and euros are thought to ... Read More

09

Nov2014
Your Taxes: Israel to implement tax treaty with Panama 06/25/2014 09:37 With regard to business operations, a resident of one country (e.g., Panamanian company) may be taxed in the other country (e.g., Israel) if it has a “permanent establishment” (PE) in the other country. An accountant [illustrative photo] Photo: Ivan Alvarado / Reuters Panama ... Read More

23

Sep2014
03/05/2014 00:47   The Israeli government’s warning comes hot on the heels of similar warnings from the US, Canada and the EU. Illustration of Bitcoin. Photo: REUTERS On February 19, the government published a joint warning regarding bitcoins and other virtual currencies. It was from the Israel Tax Authority, the Bank of Israel, the Capital ... Read More

23

Sep2014
03/12/2014 22:03 The transitional arrangement offers a useful facility for sorting out the past Israeli taxes of trusts with foreign settlors and related Israeli resident beneficiaries.   The Israel Tax Authority (ITA) on March 9 announced optional transitional arrangements for Israeli resident beneficiary trusts. This follows Amendment 197 of the ... Read More

23

Sep2014
04/01/2014 22:36   Hi-tech firms from Kiryat Shmona to Eilat may have to register and pay VAT and income tax in every country where they happen to have “significant” users.   On March 24, the OECD published draft proposals for tightening the taxation of multinational concerns that operate internationally in the digital economy. ... Read More

23

Sep2014
04/09/2014 01:44 inShare Malta rivals Cyprus in some ways, but fortunately its banking system is different.   A treaty for the avoidance of taxation between Malta and Israel became effective in Israel on January 1, pursuant to an order published by the Israeli finance minister on December 26. Malta is an EU member ... Read More

23

Sep2014
    04/23/2014 04:42   Each financial institution in Israel will be obliged to inquire about the identity of the holder of rights to accounts deposited with it.   In the classical rock song “Age of Aquarius” we are promised: “Harmony and understanding, Sympathy and trust abounding….” Recently the Israel Tax Authority ... Read More

23

Sep2014
04/28/2014 22:20 According to the OECD report, dealing with high poverty rates and low employment rates “needs to remain a policy priority.”   On April 25, the OECD published its report on “How to Improve Taxes and Transfers in Israel.” On the whole the report is balanced and appreciative of Israeli fiscal ... Read More

Font Resize
Contrast