The Israeli Tax Authority (ITA) has found a controversial back-door way of retroactively reducing the ten year Israeli tax exemption for foreign income of Olim, in the tenth year. They did so by issuing new “reportable tax positions” on December 30, 2019 regarding 2019 onwards. Does the Israeli Tax Authority ...
Category: Trust and Estate Planning
January 30, 2020Leon 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
The Israeli tax Authority (ITA) has just published a long awaited circular on the trust tax regime in Israel (Circular 3/2016) of August 9, 2016). It not only summarizes the tax rules for trusts, it also makes many comments, some of them controversial. We briefly review a few highlights below. ...
December 26, 2016Leon Harris
Legend has it that the first trusts were administered by priests a thousand years ago for English and French nobles who took part in the crusades in these parts. A trust is basically an arrangement in which a settlor (or grantor) transfers assets to a trustee to administer, often for many ...
December 21, 2016Leon Harris
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 ...
December 14, 2016Leon Harris
Leon Harris It's been a busy week in the tax world. Greece is teetering on the brink of default caused in part by a dislike of paying Greek taxes. On this side of the Mediterranean, the Israeli government seems keen to sort out gas production problems. That will mean more energy for ...
September 30, 2015Leon Harris