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March 2014

As discussed in the previous post, CGT applies when an asset is sold. There are a number of situations where the sale of an asset is exempt from CGT. The corollary is that if a loss is made in such a situation, it cannot be offset against other gains. There are two main situations in which an exemption is given. 1. Gifts to the state or family As a general rule, the proceeds for the purposes of capital gains tax is the value of the asset, even if it is gifted. However… Gifting an asset to the State of Isrsel or one of the bodies associated

Within the income tax law there is a large section that deals with the taxation of capital gains. A gain (or loss) is made when an asset is sold; the proceeds are compared to the cost and the difference taxed accordingly. This post will set out some of the basic rules. In later posts I will discuss some of the nuances and exemptions available. What assets are subject to Capital Gains Tax (CGT)? Essentially, almost every asset is included in the law. There are two major exemptions: 1. Business inventory (profits made will be taxed as regular business income) 2. Movable assets used solely for

One of the frequently asked questions is what expenses a business can claim so as to reduce the tax bills. This is for both income tax (and by extension Bituach Leumi) and ma’am purposes (for osek morshe only). The basic rule is that you claim any expense that is wholly and exclusively for the purposes of generating income. This applies both for Ma’am and Mas Hachnasa purposes. There are some situations in which this will be obvious. Examples include professional licences/memberships and insurances, office rental, salaries / freelance outsourcers etc. But of course, there can be other situations whereby the situation is not

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