Many people avoid reporting to the tax authorities and thereby knowingly or inadvertently, bring upon themselves unnecessary emotional and financial difficulties. The words “voluntary disclosure” sound big and scary, but the truth is that if you get the right guidance from an expert CPA in this field, it becomes a
In the new year, Israel’s governmental authorities will be implementing automatic trades of tax information with other countries, known as the Common Reporting Standard (CRS). In anticipation, the Israeli Tax Authority is offering taxpayers the opportunity to voluntarily disclose previously unreported assets and income. In exchange for volunteering this information
The currently VD procedure was announced nearly two years ago, and is set to expire at the end of December 2016. The two sub-routes (anonymous/short) have both also been extended to the same deadline. After nearly two years, the first cases have been settled, and more in the process of
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
Three stories of interest from the last few days: (1) The threshold above which you can no longer remain an osek patur (see here) magically increased to 100,000 NIS. And according to the tax authority website, this came into effect as of 1st January 2014! Needless to say that this
At the very last minute, the tax authority announced today that they are extending the deadlines for the short or anonymous disclosures within the Voluntary Disclosure scheme. You can read more here. At present, the revised deadline has yet to be announced, although my best guess is that it will
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
Yesterday (7th September 2014), the Israeli tax authority finally published their long-awaited and anticipated Voluntary Disclosure scheme. Anyone who has committed a tax felony, be it related to Income Tax, VAT, Mas Shevach (Land Appreciation Tax) or Customs, can now come forward, report the income, pay the tax (including all
Feel free to join the Tax in Israel Facebook group Over the last fortnight or so, the tax authority has sent out a number of letters to Israeli residents whom it suspects have not reported of the income that they are thought to receive – and hence not paid the
