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
Category: Israeli Personal Tax Planning
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
30
Sep2015
Leon Harris
Filling in tax returns is never a pleasure, but when it comes to annual deadlines, Israel is relatively civilized. There is no mad rush to file by April 15, unlike the situation in the United States, for example.
On May 15, 2015, the Israeli Tax Authority (ITA) announced extended deadlines ... Read More
September 30, 2015Leon Harris
30
Sep2015
Leon Harris
Forms are important and should be respected. Sometimes legislation drives the forms, sometimes they drive the law by stretching its meaning. There is no shortage of Israeli tax forms. As it is the tax return season, we discuss below two forms which usually take far longer than expected to ... Read More
September 30, 2015Leon Harris
30
Sep2015
Leon Harris
Israeli lawyers and accountants will have to start applying "Know Your Customer" (KYC) procedures before accepting certain assignments, from September 2, 2015.
This follows the passing of the Order For The Prohibition of Money Laundering (Duty of Identification and Recordkeeping by Business Service Providers to Prevent Money Laundering and the ... Read More
September 30, 2015Leon Harris
30
Sep2015
Leon Harris
The rules are complex. In principle, Israeli resident individuals over 18 must file a tax return unless they are eligible for a filing exemption.
In some countries, including the US and the UK, virtually everyone has to file an annual tax return. Here in Israel, to make things easier for ... Read More
September 30, 2015Leon Harris
30
Sep2015
Leon Harris & Bryan Choritz
In this week’s Torah portion, Jethro, we read how Moses, set up an hierarchical court system in the desert, in order to best hear disputes and judge matters between people.
It is doubtful however, that he needed to adjudicate on the VAT implications of supplying a Sefer ... Read More
September 30, 2015Leon Harris