If you or your children are U.S. citizens, investors in the United States, or otherwise interacting with U.S. business interests, changes are upon us! Here is a brief summary of some important things to note for the upcoming year. Kids and Taxes Bituach Leumi Savings Plan Children who are Israeli citizens will begin to receive money in the amount of 50 NIS from Bituach Leumi (national insurance) on a monthly basis. Parents may choose to match this amount, as well as choose where it should be deposited – a savings account or a mutual fund (kupat gemel). The kupat gemel requires burdensome

Approved by the Knesset just before the new tax year, here are 10 changes to Israeli tax law for 2017 and beyond. It’s important to note that some of these rules have not yet been fully clarified, but we will be keeping track of any changes to come. Self-Employment and Profit Sharing Most self-employed people will be required to contribute to pension funds (kupot gemel). Precise details and potential sanctions for not participating will be forthcoming. We intend to follow up with more information as it becomes available. As an incentive, the tax breaks for paying into a Keren Hishtalmut have

Employees must complete a new Form 101 each year. Each year, all employees are required to complete Form 101 for each place of employment and give it to the person in charge of the salaries. Technically, this needs to be filled out on January 1 (for continuing jobs). For practical reasons, however, it is sufficient to complete it before the January salary is processed. If your employer doesn’t give you one, you can download a blank form from the tax office here. Below is a short guide to filling in the form for the 2017 tax year. Section א Employer’s details: This section will be completed