Category: Israeli Exempt Companies

26

Feb2024
The Israeli government published a draft bill on February 22, 2024 proposing to repeal the ten year reporting exemption for Olim. This will relate to foreign income and assets of theirs and of trusts they are a party to. But this only relates to disclosure – the existing ten-year exemption ... Read More
February 26, 2024Leon Harris

21

Feb2024
Israel is moving onto a mandatory system of e-invoicing, known as “Israeli Invoices”, on April 1. This will be no joke for quite a few Israeli businesses. The date was pushed back 3 months due to the war. In a nutshell, if a business wants to issue a Tax Invoice for ... Read More
February 21, 2024Leon Harris

21

Feb2024
The war continues, the Israeli economy continues to struggle. Some IDF reservists have returned home. New reservists are being called up and conscription may be extended. It is estimated there are around 120,000 evacuees from the South and the North. Below is a non-exhaustive wartime update. War Compensation: The war compensation and ... Read More
February 21, 2024Leon Harris

21

Feb2024
One of the many repercussions of the Israel-Hamas war concerns double national insurance (=social security) also known as Bituach Leumi in Hebrew. Imagine an Israeli who relocated “permanently” to the USA (or many other countries – see below) with his family but patriotically returns to Israel to serve in the IDF ... Read More
February 21, 2024Leon Harris

07

Jan2024
The District Court has ruled that large interest free loans from a US parent corporation to an Israeli subsidiary company are not okay (eBay Israel Holdings Ltd Vs. Netanya Assessing Officer, civil appeal 51066-03-20, of December 5, 2023). But the judgment has many twists and turns and some Hebrew write-ups ... Read More
January 7, 2024Leon Harris

24

Dec2023
The Israeli government has introduced a program of grants for Israelis who choose to start working in agriculture or construction in Israel (https://www.btl.gov.il/HaravotBarzel1/Pages/MankTimrozHB.aspx) . Background. Not only Jews suffered on the October 7. Tragically, some foreign workers from Thailand and elsewhere were also killed then and others were taken hostage into Gaza ... Read More
December 24, 2023Leon Harris

24

Dec2023

More War News

The Israel-Hamas war continues. Below is a round-up summarizing recent announcements from the Israeli Tax Authority (ITA), the National Insurance Institute (Bituach Leumi), the CPA Institute and others: Compensation delays: One of the complaints against the Israeli government system of war compensation concerns the delay in getting paid, at a time when ... Read More
December 24, 2023Leon Harris

14

Dec2023
The Israeli tax year ends on December 31. The Israel-Hamas war only adds to the checklist of things to plan at year-end and indeed at other times. The Big Picture: The Israel-Hamas war is adding to the government’s budgetary needs. So taxes won’t be cut any time soon. War assistance: Israeli businesses and others ... Read More
December 14, 2023Leon Harris

29

Oct2023
The Israeli government is gradually getting its act together in providing financial support for people and businesses. Below is a brief update as of November 7, not complete as the measures are still evolving. Evacuees: Relocation grants are to be paid automatically by the National Insurance Institution (NII) into the bank accounts ... Read More
October 29, 2023Leon Harris

15

Oct2023
Below is a round-up of business and other announcements relating to the Swords of Iron war. Tax reporting:   The deadline for reporting and tax payment for the purposes of VAT, withholding taxes and tax advance payments for September 2023 has been extended (by only a few days) to October 26, but ... Read More
October 15, 2023Leon Harris