The Israeli Finance Ministry published its draft economic program (i.e. budget) for 2025 on October 14, 2024. This contains a series of decisions and explanations but no clauses yet for the draft 2025 budget law. The credit rating agencies have complained about delays in the 2025 budget process. They do ... Read More
Category: General Business
15
Oct2024
The Israeli government is still formulating tough 2025 budget measures. In the meantime, a new regulation actually reduces purchase (Mas Recisha) tax on Israeli homes for new immigrants to Israel (Olim), commencing August 12, 2024 (Real Estate Taxation (Appreciation and Purchase)(Purchase Tax)(Amendment), Regulations 2024, number 11414).
Old Rules:
Before the new regulation ... Read More
October 15, 2024Leon Harris
08
Oct2024
The wandering people often has tax links in more than one country. Below we report on some Israel- related tax happenings in the USA and France.
USA- war relief available:
The Internal Revenue Service has announced new relief for taxpayers affected by terrorist attacks in Israel. In practice this includes US immigrants ... Read More
October 8, 2024Leon Harris
01
Oct2024
To Clients and Friends:
Wishing you and your family a Safe, Healthy and Prosperous Jewish New Year, with all the hostages back with us…..
Article: Should We Be Moody About Moody's?
On September 27, 2024, the credit rating agency Moody’s announced it has downgraded Government of Israel's long-term local and foreign-currency issuer ratings ... Read More
October 1, 2024Leon Harris
10
Sep2024
The Israeli Finance Ministry has published controversial proposals to tax undistributed profits of Israeli private companies (Report of the Undistributed Profits Review Committee, September 3, 2024). The Israeli Institute of Certified Public Accountants is outraged – should we be?
Background:
In 2013-2021, there were around 200,000 companies that made on average 8.5% ... Read More
September 10, 2024Leon Harris
07
Sep2024
As Olim (new immigrants) and others know, getting money into Israel isn’t easy. All the Israeli banks check that the money is clean and not tainted by crime, terror or tax evasion. The onus is on the bank customer to show the money is clean. Now the Haifa District Court ... Read More
September 7, 2024Leon Harris
24
Jul2024
The Israeli Tax Authority (ITA) has continued its tradition of issuing rules with or without Knesset approval. This time the issue is meal expenses for foreign sportspersons. The ITA rules leave many big unanswered questions. Even the Israeli CPA Institute is concerned - we may all be affected when we ... Read More
July 24, 2024Leon Harris
24
Jul2024
The Israeli Tax Authority (ITA) recently published two interesting tax rulings, regarding the Israeli tax consequences, or lack of them, upon migration. This matters for a wandering people. When a tax ruling is issued, other taxpayers can assume similar consequences in similar cases unless the law changes (or the facts ... Read More
July 24, 2024Leon Harris
18
Jul2024
What should we glean from the reported collapse of Google’s expected deal to acquire Israeli cyber company Wiz for $23 billion? Wiz apparently now prefers to go for an IPO (initial public offering) on a stock exchange exchange instead of an expected acquisition by Google. But why walk away from ... Read More
July 18, 2024Leon Harris
12
Jul2024
Being accused of tax evasion is serious. What do you do if the Israeli Tax Authority (ITA) throws the book at you and accuses you of artificial tax evasion? One taxpayer threw the book right back and won in the Israeli District Court (Shalam Packaging(1998) Ltd vs Netanya Assessing Officer, ... Read More
July 12, 2024Leon Harris