Last night, the accountant world of Israel got together to review the Voluntary Disclosure procedure after the first eight months of the new system being in place. The facility was announced back in September, and you can read more about it here. Let’s not forget that the main carrot being
The biggest change in the 2014 amendments to the trust taxation law relate to these types of trust. This is a trust whereby all of the settlors are not – and have never been since inception of the trust – Israeli resident, but at least one of the beneficiaries is
This post is a similar post from last year, with the required amendments etc. pertinent to the 2014 tax year. The current deadline for filing your 2014 tax return is 31st May 2015 (but this is likely to be extended by a month). The Tax Law states that every Israeli
This was previously known as Negative Income Tax – מס הכנסה שלילי. A number of years ago, the government introduced a scheme designed to help workers earning very little. This grant, based on average monthly earnings in the previous tax year, was initially available only to those living in certain
Feel free to join the Tax in Israel Facebook group The trust laws relate to the revocability of the trust. This can affect which type of tax rules apply to a particular trust (see here for the introduction to trust taxation). This post will consider what makes a trust revocable
In August 2013, the taxation of income within trusts underwent a huge reform, with a vast array of changes to the pre-existing law. The law came into effect as of 1st January 2014, but there are still a number of unresolved issues; particularly pertaining to foreign tax credits. The following
Feel free to join the Tax in Israel Facebook group As part of the disclosures required in the tax return, anyone who is considered a controlling shareholder in a non-Israeli company must complete form 150, and attach it to the tax return. A controlling shareholder is someone who, directly or
Please feel free to join the Facebook group linked to this blog – search for “Tax in Israel” As previously discussed, all employees are required to fill in form 101 for each place of employment, and give it to the person in charge of the salaries. Technically, this needs to
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 2013 income. The deadline is Friday 26th December. If you are a
Feel free to join the Tax in Israel Facebook group In a previous post, we considered who was required to file a tax return. However, it could be that even if you are not required to do so, it will be on your interests – if you are due a
