Category: Israeli Exempt Companies

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

10

Oct2023
Last Saturday October 8, 2023, Southern Israel and the world witnessed appalling acts of acts of wanton savagery unprecedented since the Holocaust – thousands of dead, injured and abducted civilians. Our hearts go out to the affected people, their families and their friends. And we salute the IDF including the ... Read More
October 10, 2023Leon Harris

01

Oct2023
The Israeli government published a bill on September 6, 2023, which aims to tighten up Israeli rules for taxing offshore controlled foreign companies (CFCs) and foreign professional companies (FPCs). The Israeli proposals have echoes of US GILTI (global intangible low-taxed income) rules in the US. Israeli CFC rules aim to tax ... Read More
October 1, 2023Leon Harris

01

Oct2023
The Israeli government wants to take a different bite out your apples (and income) abroad – but not for new Olim. The government published on September 6 two draft bills to reform international tax rules in Israel – one concerning foreign tax credits, the other concerning controlled foreign companies (CFCs) and ... Read More
October 1, 2023Leon Harris

01

Oct2023
The OECD has quietly issued a far-reaching Public Consultation Document on streamlining the taxation of intercompany “baseline marketing and distribution activities” within multinational groups. Because there is apparently no size limit, these proposals, if adopted, could shake up Israeli and international routine trade and tax across the 143 countries signed up ... Read More
October 1, 2023Leon Harris

24

Aug2023
The Israeli Tax Authority (ITA) has issued Circular 1/23 on August 17, 2023 (back-dated to February 12, 2023) on the process for requesting bilateral agreement between the ITA and the tax authority of another country under a tax treaty. Israel has income tax treaties with 61 countries including the US, ... Read More
August 24, 2023Leon Harris

24

Aug2023
The District Court has rejected a class action against the Israeli Tax Authority (ITA) that allegedly made Israeli banks withhold excess tax at source from dividends from abroad (Yaacov Hostatzky  vs. ITA, 20739-06-21, handed down May 14, 2023 by Judge Y. Saroussi). Main Facts: The case concerned an Israeli resident private individual ... Read More
August 24, 2023Leon Harris