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December 2015

With the end of the tax year fast approaching, here are a few tips that may be relevant:If you haven’t already done so, make a claim for the Working Tax Grant(negative income tax) in respect of 2014 income. The deadline is Friday 25th December.If you are a business with inventory, take a count as close as possible near the year-end. The cost of each item should be listed alongside the quantities.Business owners should make top-up payments towards pension, Keren hishtalmut etc to take advantage of the tax breaks available. The same goes for salaried individuals who have private pension plans.

The latest amendment to the tax law was publicized last week. Among the sections included in the new law was a section dealing with the circumstances in which the Israeli Tax Authority is permitted to exchange information with other tax authorities across the world. Without going into the details of the law, suffice to say that we can expect the flow of information to start in the relatively near future (likely 2017, 2018 onwards), and those who have hitherto unreported income – specifically in foreign countries – are ever-more likely to become exposed. It goes without saying that a person coming forward

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