The Israeli Tax Authority (ITA) published more reportable tax positions on December 28, which are similar to reportable tax shelters in the US and UK. But the ITA also uses them to impose its interpretation of the tax law in non-tax shelter cases.
The latest batch relates to the 2022 tax ... Read More
Category: General Business
19
Mar2023
On December 8, 2022, the Senior Deputy Director of the Israeli Tax Authority (ITA), Mr Roland Am-Shalem issued guidance on preparing for Country by Country (CbC) reports by large multinational groups.
This followed new tax regulations of September 20 which expanded the transfer pricing reporting requirements in Israel for medium-large multinational ... Read More
March 19, 2023Leon Harris
19
Mar2023
A new free trade agreement between South Korea and Israel came into force in Israel under a Customs Tariff Order published December 5, 2022 (Customs Tariff Order and Purchase Tax Exemptions for Goods (Amendment) 2022, (Kovetz Takanot 2045)).
The free trade agreement runs to over 500 pages and deals not only ... Read More
March 19, 2023Leon Harris
19
Mar2023
The Israeli tax year ends soon, on December 31. There may be many things to consider including those outlined briefly below.
The Big Picture:
With the pandemic support payments and many other things to pay for, it seems fair to assume Israeli tax rates won’t be falling in the foreseeable future. Layoffs, ... Read More
March 19, 2023Leon Harris
19
Mar2023
Below is a round-up of some interesting recent happenings on the tax scene.
Seizing assets from employees:
Can assets be seized from an employee who allegedly participates in a big tax fraud? If so, how much can be seized? The Israeli Supreme Court ruled on this issue recently (State of Israel vs. ... Read More
March 19, 2023Leon Harris
27
Feb2023
Israelis and foreigners are reportedly pulling spare cash out of Israel due to uncertainty about the proposed judicial reform in Israel. Consequently, the Shekel exchange rate is devaluing.
The International Monetary Fund has just published a report on what happened when another nearby country, Greece, experienced a heavy outflow of currency ... Read More
February 27, 2023Leon Harris
30
Nov2022
The new Israeli coalition government is still on the way, but Israel has been a member of the OECD since 2010 and members are supposed to apply OECD pronouncements under the 1960 OECD Convention. It is like EU membership minus a Brexit option. What does the OECD say? Why is ... Read More
November 30, 2022Leon Harris
08
Nov2022
Tax regulations have been issued which considerably expand the transfer pricing reporting requirements in Israel for multinational groups with entities in Israel and global revenues over NIS 150 million (Income Tax Regulations (Determining Market Conditions)(Amendment) 2022, KT 10339, September 22, 2022). This follows the enactment of amendment 261 to the ... Read More
November 8, 2022Leon Harris
08
Nov2022
A 15% minimum global corporate tax income tax rate will probably arrive in 2024, thanks to an initiative of the OECD called Pillar Two. To support this, US President Joe Biden told the UN on September 21: “We’re working to build a new economic ecosystem…where every nation gets a fair ... Read More
November 8, 2022Leon Harris
08
Nov2022
Returning residents who lived away from Israel for 10 years generally enjoy the same 10 year Israeli tax exemption for foreign income and gains as new Olim residing in Israel for the first time. But in the case of Israeli residential property, it can be a different story.
The real estate ... Read More
November 8, 2022Leon Harris