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Category: Israeli Personal Tax Planning
26
Feb2017
They say confession is good for the soul. It is also good for the Treasury. Israeli tax law now requires disclosure of reportable actions, reportable opinions and reportable positions to the Israeli Tax Authority.
On December 26, 2016 the Israeli Tax Authority (ITA) published the first batch of reportable positions – ... Read More
February 26, 2017Leon Harris
01
Feb2017
Israel is a lot less taxing than it used to be - and a bit less than many other countries. Following is a summary of the Israeli rates and tax brackets for 2017.
Businesses:
The regular company tax rate is 24%
The regular dividend tax rate is 30%-33% for 10%-or-more shareholders, 25%-28% for ... Read More
February 1, 2017Leon Harris
26
Dec2016
The Israeli Supreme Court has just ruled how to translate foreign securities investment dealings by Israeli resident individuals into Shekels. The result is complex and may affect your Israeli tax bill significantly if you are Israeli resident.
Background
In 2003, Israeli residents began reporting and paying Israeli tax on worldwide income and ... Read More
December 26, 2016Leon Harris
21
Dec2016
The start-up nation offers investors a tax break for investing in its hi-tech startups.
The original 2011 version was unsuccessful as too many conditions had to be met. So on January 20, the Knesset passed an amendment aimed at making things a little easier. It is tucked away in the Amendent ... Read More
December 21, 2016Leon Harris
21
Dec2016
The current tax regime for Olim took effect on January 1, 2007 pursuant to Amendments Section 168 and 197 to the Income Tax Ordinance.
Consequently, there is now an exemption for Israeli tax purposes for ten years to new residents and senior returning residents (lived abroad ten years) from: (a) Israeli ... Read More
December 21, 2016Leon Harris
20
Dec2016
Once upon a time, there was complete bank secrecy in Switzerland and elsewhere. Not any more. Now a new age of transparency is dawning and it may be time to come clean before getting cleaned up.
The international backdrop:
The US is starting to implement the Foreign Account Tax Compliance Act (FATCA). ... Read More
December 20, 2016Leon Harris
14
Dec2016
The Israeli tax Authority (ITA) and Swiss Finance Ministry signed on November 27 a declaration of intent regarding the exchange of information about financial accounts. The aim is to enhance cooperation regarding the supply of information, “egalitarian enforcement” of taxation in Israel, truthful tax payment and limit black money.
This is ... Read More
December 14, 2016Leon Harris
23
Nov2015
Last Thursday November 19, the Knesset finally passed the budget for 2015-2016 after reportedly addressing thousands of objections. Two laws were passed – Amendment 207 to the Income tax Ordinance, and a so-called Economic Efficiency Law. We review some of the tax measures.
Not Enacted:
First, which proposals were NOT passed? A ... Read More
November 23, 2015Leon Harris
30
Sep2015
On July 22, the Israeli government published a Bill entitled "Proposed Law to Reduce the Use of Cash" in an effort to tackle the black economy. Some of the proposals are far-reaching as summarized below.
What is Proposed?
According to the Bill, "cash" means Israeli banknotes and coins, and foreign currency.
According to ... Read More
September 30, 2015Leon Harris