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2014

Voluntary disclosure procedure in Israel

Alon Kaplan, Lyat Eyal and Shai Dover
[No Tags] | November 2014
The long awaited publication of the voluntary disclosre procedure in Israel came to light on 7 September 2014. As the global trend evidences, this procedure provides taxpayers with the opportunity to disclose unreported income and assets. There are a number of thresholds to pass in order to be eligible for the proceudure, as listed below: Applications are to be submitted to the Deputy Director for Investigation and Intelligence Unit at the Israel Tax Authority who is solely authorized to approve them. Each application will include all relevant information, including, inter alia, applicant’s name, relevant tax years, source of income, details of the amount of unreported income, and estimated tax payment. Once the application is approved, it is referred to the relevant assessment officer who determines the tax liability, including taxes owed, linkage, interest, and civil fines. Upon the...

Law Report- Israel Keeps Up with Worldwide Trend of Information Exchange and Tax Collection

Alon Kaplan and Lyat Eyal
[No Tags] | November 2014
Autumn 2014, Vol. 27, No.2

Israel: dramatic changes to the taxation of trusts

Alon Kaplan and Lyat Eyal
[No Tags] | July 2014
The summer of 2013 marked a change in Israel’s tax laws, most significantly as they relate to the taxation of trusts and real estate transactions. The Law on the Change of National Priorities (or more commonly known as the ‘Arrangements Law’), passed for budget purposes, amended various laws, including the Income Tax Ordinance [5721] 1961. This article summarizes the amendments regarding the new taxation affecting both Israeli as well as foreign trusts and foundations and the specific changes to real estate taxation for non-residents. The amendments in these two areas are of importance to non-residents as they henceforth may be subject to taxes in areas in which they were previously entitled to exemptions

Israel’s trust revolution

Alon Kaplan Lyat Eyal and Shai Dover
[No Tags] | June 2014

The downsides of stepping up

Alon Kaplan Lyat Eyal and Shai Dover
[No Tags] | June 2014

Amendments to Israel's Trust Taxation Legislation

Alon Kaplan and Lyat Eyal
[No Tags] | April 2014