Leon Harris
The Israeli Tax Authority (ITA) reports that it sent its ace team of bookkeeping examiners to Ben Gurion airport in the early hours of July 25 to check out the taxi drivers, and made a startling discovery. Not one of the drivers checked accurately recorded their income!
The ITA team ... Read More
Category: Israeli Personal Tax Planning
11
Sep2017
Leon Harris
The Israeli Supreme Court, sitting as the High Court of Justice (Bagatz), issued a landmark decision on August 6 cancelling the controversial new multi home tax (Bagatz 10042/16 et al).
This was for procedural reasons due to a serious defect in the way the tax was hastily enacted as part ... Read More
September 11, 2017Leon Harris
19
Jul2017
The recent G20 summit in Hamburg last weekend wasn’t only about North Korea and Syria. The G20 also reaffirmed their commitment to create a globally fair modern international tax system.
A report by the OECD to the G20 leaders before the summit sheds light on which companies with international operations are more ... Read More
July 19, 2017Leon Harris
19
Jul2017
The Israeli Tax Authority (ITA) published on May 22 a backdated Circular on the implementation of Israel’s FATCA Agreement with the United States of America (Circular 3/2017 dated February 12, 2017).
What is FATCA all about?
Briefly, the US Congress enacted the Foreign Account Tax Compliance Act (FATCA) in 2010 requiring non-US account information ... Read More
July 19, 2017Leon Harris
06
Apr2017
In most countries, taxpayers know when is their deadline for filing tax returns. Not in Israel.
Monthly Reporting Deadlines:
Accountancy circles have recently been buzzing with excitement and trepidation. Most businesses are required to file monthly/bimonthly tax and VAT returns by the 15th day after the end of each month or bimonthly ... Read More
April 6, 2017Leon Harris
22
Mar2017
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March 22, 2017Leon Harris
22
Mar2017
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March 22, 2017Leon Harris
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