If you planned on celebrating the 2021 year-end, this item may add to any hangover or sober you up. It may also encourage going on a diet. In short, soft drinks just got harder. The Sweet Tooth Tax: The Israeli Finance Ministry, Customs & VAT Division, saw fit to publish on December ...
Category: Israeli Exempt Companies
December 28, 2021Leon Harris
The Israeli Tax Authority has published a report proposing to reform international taxation rules (https://www.gov.il/he/departments/news/sa211121-1). Unfortunately, many of the proposals will involve bureaucratic form-filling, looking for tax planning. Moreover, the proposals miss the big money by ignoring the OECD’s recent (2020/21) twin pillar tax package aimed at larger multinationals. The Israeli Tax Authority ...
December 9, 2021Leon Harris
Here’s a round-up of recent tax cases and developments in Israel. The Budget: The budget package of laws passed the Knesset on November 5, 2021 and the Economic Efficiency Law reflecting this was published on November 15. It includes tax, national insurance and other measures mostly technical in nature. These include concessionary ...
December 4, 2021Leon Harris
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 ...
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
The OECD presented on October 8, 2021, an updated version of its “Two Pillar” package of proposals for reforming international taxation of larger multinational enterprises (MNEs). This package now is supported by 136 countries representing over 90% of global GDP, after Ireland, Estonia and Hungary reluctantly fell into line. Will your group’s ...
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