On or around January 21 this year, the Israeli Tax Authority (ITA) saw fit to issue to many Israeli taxpayers demands to file “missing” online annual tax returns going back many years, typically 2008-2012. This may be a nightmare scenario - being forced to find and report income and expense documentation ...
Category: Information Exchange & Enforcement
February 12, 2019Leon Harris
You might think nothing happened at the G20 summit a week ago because Trump ignored Putin, Saudia Arabia was sidelined and Britain is brexiting. In fact, the G20 is a major event at which the leaders of around 85% of the world economy issue directives on a host of economic matters ...
December 20, 2018Leon Harris
The Bank of Israel Bank Supervisory Department published draft new instructions to Israeli banks regarding checks required to ascertain whether money was properly taxed. In 2016 certain tax offenses were made “predicate offenses” under Israel’s anti money laundering rules, which Israeli banks administer. In other words Israeli banks were turned ...
November 20, 2018Leon Harris
If have a skeleton in your closet and need an Israeli tax amnesty, you have only three months until the end of 2018 to request it on an anonymous basis from the Israeli Tax Authority. And it takes time to prepare. Anyone applying for tax amnesty in 2019 will be at ...
September 17, 2018Leon Harris
The Israeli Tax Authority (ITA) has just published detailed instructions regarding the 2018 voluntary disclosure program (VDP or amnesty) which expand on the ITA’s initial announcement of December 12, 2017 (Operating Instructions 5/2018 of February 13, 2018). The new instructions will create extra work for amnesty applicants and their advisors. Background: The 2018 ...
February 21, 2018Leon Harris
The Israeli Tax Authority (ITA) announced a new voluntary disclosure program (VDP or amnesty) for applications filed by taxpayers between December 12, 2017 and the end of 2019. The new program replaces an earlier program that stopped accepting applications at the end of 2016. The ITA reports that 7,549 applications were ...
December 19, 2017Leon Harris
בשנת 2018 ישראל עומדת לתקן את כל 56 אמנות המס שלה בבת אחת וזאת עקב חתימתה בתאריך 7.6.2017 על אמנה רב צדדית של ארגון ה - OECD על מנת ליישם הוראות הקשורות ל- Base Erosion and Profit Shifting) BEPS). BEPS הינה תכנית מקיפה של ארגון ה-OECD כנגד הזזת רווחים למקומות אופשור (offshore), ...
November 30, 2017Leon Harris
Information Exchange Gathers Pace The first wave of automatic Common Reporting Standard (CRS) information exchanges has just begun between 49 countries. This is according to an OECD announcement on September 15. The 49 countries include Argentina, Barbados, Belgium, Bermuda, BVI, Cayman Islands, Cyprus, Czech Republic, Denmark, Estonia, France, Germany, Gibraltar, Greece, Guernsey, ...
October 24, 2017Leon Harris
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 ...
July 19, 2017Leon Harris
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 ...
July 19, 2017Leon Harris