On July 1, 2021, the OECD and G20 announced that 130 countries, led by the USA, have joined the Two Pillar tax reform package to “ensure that multinational enterprises pay a fair share of tax wherever they operate.” The OECD hopes to reallocate a quarter of a trillion dollars of taxable ...
Category: Israeli Corporate Tax Planning
July 7, 2021Leon Harris
The G7 finance ministers have just reached a “historic agreement” on how to reform global taxation. The G7 comprises the United Kingdom, Canada, France, Germany, Italy, Japan, the United States. The problem: The problem is that business done on the internet cloud currently escapes tax legally if the supply company is resident ...
June 6, 2021Leon Harris
On May 31, 2020, the governments of Israel and the United Arab Emirates (UAE) signed an income tax treaty for the avoidance of double taxation and prevention of fiscal evasion. This follows on from the Abraham Accords including the “Treaty of Peace, Diplomatic Relations and Full Normalization between the UAE and ...
June 2, 2021Leon Harris
On May 21, 2021 a ceasefire ended the latest 11 day conflict between Israel and Hamas-ruled Gaza, known as Operation Guardian of the Walls. The loss of civilian lives was a tragedy for all sides. An IDF spokesman said on Israeli TV that the ceasefire may be considered a success ...
May 23, 2021Leon Harris
Israel is emerging from the pandemic back to business. Here’s an overview. You are probably doing taxable business in Israel if you conduct business activities physically in Israel or operate in Israel via an agent who can commit you. Israel's tax treaties and the OECD Multilateral Instrument refine these criteria for ...
March 31, 2021Leon Harris
Janet Yellen’s International Tax Policy – Will It Affect You? Dr Janet Yellen is a very important person who was appointed Secretary of the US Treasury on January 26, 2021. At the US Senate Finance Committee hearing on her nomination 5 days earlier, Janet Yellen answered an array of questions, providing ...
February 26, 2021Leon Harris
As nearly everyone knows, it is no easy matter getting money into Israel. Olim are especially exposed to this issue. The problem is not moving the money, it is being allowed by your Israeli bank to use it. The banks have become the anti-money laundering goal-keepers of Israel. They have been ...
January 27, 2021Leon Harris
Is the Israeli Tax Authority (ITA) too tough on taxpayers? If so, what can be done about it? The ITA has a habit of using its clout, as well as administrative tax circulars, tax rulings (published and unpublished) and reportable tax positions to lay down the its version of what the ...
January 14, 2021Leon Harris
New UK-EU Trade Deal Vs. Old Israel-EU Free Trade Agreement After voting for Brexit back in 2016 and much acrimony, the UK finally reached a trade deal with the EU on December 24, known as the Trade & Cooperation Agreement. It should apply from the beginning of 2021. The new UK-EU deal ...
December 28, 2020Leon Harris
With coronavirus and possible elections on our mind, it is easy to forget that the Israeli tax year ends soon, on December 31. There may be many things to consider including those outlined briefly below. The Big Picture: The pandemic means the Israeli government is confronted with rising expenditure on corona grant ...
December 15, 2020Leon Harris