Moshe Asher told the Institute of Certified Public Accountants that money can be raised from unreported capital instead. Israel Tax Authority head Moshe Asher stated clearly today that no new tax hikes were necessary. Speaking at a conference of the Institute of Certified Public Accountants in Israel at a session… – Continue reading
Tax Authority chief Moshe Asher: Banking secrecy is over. Another wave of arrests of Israelis with unreported overseas bank accounts and money is expected. In the coming day, Israelis who have not filled out forms sent to them by the Israel Tax Authority for declaring their assets will be summoned… – Continue reading
Tax Authority chief Moshe Asher: Banking secrecy is over. Another wave of arrests of Israelis with unreported overseas bank accounts and money is expected. In the coming day, Israelis who have not filled out forms sent to them by the Israel Tax Authority for declaring their assets will be summoned… – Continue reading
Companies registering their intellectual property in Israel will be charged only 5% tax on dividends. The committee considering changes in the Law for the Encouragement of Capital Investments, headed by former Ministry of Finance director general Yael Andorn, is recommending extension of the tax break granted under the law to… – Continue reading
FATCA – Which Countries Are In And Out The controversial US Foreign Account Tax Compliance Act (FATCA) law is set to start from July 1, 2014, so with less than 21 days to go, here’s a look at which countries are in and who is outside of the tax network…. – Continue reading
Julius Baer of Switzerland became the latest bank to start an internal probe of money transfers linked to an investigation of FIFA, world soccer’s ruling body. Julius Baer joined banks including the U.K.’s Standard Chartered Plc in reporting that it began an inquiry. The Zurich-based firm was named as one… – Continue reading
The Haifa District Court is considering whether Ofer was an Israeli resident in 2006-2010. The Israel Tax Authority is demanding payment of NIS 940 million from the estate of billionaire Sammy Ofer, who passed away on June 3, 2011 at the age of 89, according to an order issued by… – Continue reading
The Bank of Israel audit finds failures and negligence in oversight at Bank Leumi. Failures, mistakes, negligence in oversight: these are only some of the terms used by Supervisor of Banks David Zaken to describe the findings of an audit conducted in recent months on the conduct of Bank Leumi… – Continue reading
He has distorted the facts about the nation’s current tax system. Chris Christie repeatedly has said that U.S. corporations are taxed twice on income earned abroad, claiming in one speech that IRS officials “don’t recognize the tax you paid to a foreign country.” That’s false. It’s true that the U.S…. – Continue reading
Individuals who renew their US passport need to take into consideration that their Social Security Number (SSN) and country of residency will be forwarded to the IRS. Since July 2014, the passport renewal instructions forms have dedicated a specific paragraph detailing this new procedure: “Section 6039E of the Internal Revenue… – Continue reading
UNDER fire spreadbetter Plus500 was forced to defend itself against angry shareholders yesterday as it admitted all UK customers were frozen out of their accounts. The Israeli business, which has plummeted in value since the financial watchdog clamped down on its controversial customer recruitment practices, admitted in its annual meeting… – Continue reading
Change to the Procedural Requirements at the Bank of Israel The Bank of Israel has recently implemented measures that are designed to minimize legal and reputational risks for Israeli banks. The Bank of Israel circulated a draft directive for all Israeli banks by virtue of which all foreign (non-Israeli resident)… – Continue reading
With a new candidate seemingly entering the race for president each week, national attention is understandably focused on American politics. But while Americans spare little mind for the goings-on of international organizations, their activities not only have significant impact around the world, but could also play a role in the… – Continue reading
Federal Treasurer Joe Hockey has left open the option of scaling back superannuation concessions as part of the tax white paper process. Speaking at the Australian Israel Chamber of Commerce lunch in Melbourne, Mr Hockey also flagged a package for small business and startups in the upcoming federal budget. Mr… – Continue reading
The Australian federal cabinet has decided to give a greater priority to negotiating a tax treaty with Israel, reports AAP. Treasurer Joe Hockey told the Australia-Israel Chamber of Commerce in Melbourne on Wednesday talks will be at the forefront of the government’s activity in the not-too-distant future. “Cabinet has decided… – Continue reading
The nation’s most powerful and respected tax adviser has warned the Abbott government not to make a legislative “kneejerk” response to the current debate over multinationals shifting profits to avoid tax. Arnold Bloch Leibler senior partner Mark Leibler said today the current tough anti-avoidance provisions of the tax law should… – Continue reading
Mylan NV Executive Chairman Robert Coury made $22.7 million, including $1 million for his personal use of the drugmaker’s two corporate jets, in 2012 and 2013. At Israeli rival Teva, shareholders in 2012 balked at raising the chairman’s salary to $900,000 a year. The contrast highlights the sharp differences that… – Continue reading
On April 2, 2015, the Israeli tax authority (“ITA”) published a draft new circular containing new and unprecedented guidelines with respect to the income tax and VAT aspects applicable to foreign enterprises that transact with Israeli customers over the internet (“the Circular” and “Foreign Enterprises”, respectively). The Circular, in its… – Continue reading
In end to crisis, Palestinians agree to sums withheld from tax revenues to offset debts to Israel Electric Company; the two sides will continue discussing future payment obligations. Israel and the Palestinian Authority reached a compromise agreement on Friday that will effectively end the crisis regarding the tax revenues that… – Continue reading
Occupied Jerusalem/Ramallah, West Bank: Israel said on Saturday it would transfer $470 million of withheld tax revenues to the Palestinian Authority following talks between a senior Israeli military officer and Palestinian officials. In December, Israel began withholding around $130 million per month of taxes it collects on behalf of the… – Continue reading
The Attorney-General, Hon. Aiyaz Sayed-Khaiyum today received the new non-resident Ambassador of the Sultanate of Oman to Fiji, His Excellency Nazar Al-Said. In welcoming the Omani envoy to Fiji, Minister Sayed-Khaiyum said that the Fijian Government looked forward to developing its bilateral relations with Oman, particularly in the areas of… – Continue reading
Israel joined the OECD in 2010. Background The Organization for Economic Cooperation and Development is spearheading a concerted effort to help governments around the world collect more taxes. The OECD is doing so by issuing a series of recommendations for tightening up corporate and personal tax measures. Individual governments are… – Continue reading
Taxes have risen by around one per cent on the average worker’s wage in Organisation for Economic Co-operation and Development (OECD) countries since 2014, although the majority of governments have not increased income tax rates, the OECD has said. In its Taxing Wages 2015 report, the OECD looks at the… – Continue reading
Increased mergers and acquisitions in the pharmaceuticals space has been a boon for healthcare-heavy Israel exchange traded funds. Year-to-date, the Market Vectors Israel ETF (NYSEArca: ISRA) and the iShares MSCI Israel Capped ETF (NYSEArca: EIS) are up an average of 11.6%, an advantage of 260 basis points over the MSCI… – Continue reading
Increased mergers and acquisitions in the pharmaceuticals space has been a boon for healthcare-heavy Israel exchange traded funds. Year-to-date, the Market Vectors Israel ETF (NYSEArca: ISRA) and the iShares MSCI Israel Capped ETF (NYSEArca: EIS) are up an average of 11.6%, an advantage of 260 basis points over the MSCI… – Continue reading
Taxes on wages have risen by about one percent for the average worker in OECD countries between 2010 and 2014, even though the majority of governments did not increase statutory income tax rates, according to the Organisation for Economic Cooperation and Development’s (OECD’s) Taxing Wages 2015 report. According to the… – Continue reading
RAMALLAH, April 8, 2015 (WAFA) – Prime Minister Rami Hamdallah Wednesday said the Palestinian Authority was mulling to refer the issue of its withheld tax revenues, now frozen by Israel for fourth months, to the International Criminal Court (ICC). During an event on counter-corruption in Ramallah, Hamdallah said the government… – Continue reading
Palestinian Authority (PA) President Mahmoud Abbas said Sunday that the PA refused to receive tax revenues collected on its behalf by Israel because the amount was “incomplete.” “Israel recently said it would transfer [withheld tax revenue] funds, but the amount that was sent was incomplete, as Israel deducted was it… – Continue reading
Palestinian Authority President Mahmoud Abbas on Wednesday threatened to resort to the International Criminal Court (ICC) in case Israel did not release Palestinian tax money. Addressing a meeting of the central committee of his Fatah faction, Abbas said the Palestinians would try to solve the issue of withheld tax money… – Continue reading
A new circular says multinational corporations like Google and Facebook will pay taxes on online business with Israelis. Foreign Internet companies and another other foreign corporation with significant business in Israel must register with the VAT authorities as authorized dealers, and their transactions are liable to VAT. Under certain conditions,… – Continue reading
Hundreds of members of the diamond exchange attended a meeting on anti money laundering in the diamond sector held at the Cullinan restaurant last Thursday. During the meeting, members received a detailed review of the main elements of the order against AML that takes effect next year, and the measures… – Continue reading
Today the Justice Department announced that BSI SA of Lugano, Switzerland, one of the 10 largest private banks in Switzerland, is the first bank to reach a resolution under the Department of Justice’s Swiss Bank Program. The DOJ press release announcing the news is as follows: “Because of the department’s… – Continue reading
The Palestinian Authority has denied that an Israeli move to unfreeze the PA’s tax revenues was part of a deal to get the Palestinians to halt their bid to have Israel prosecuted at the International Criminal Court (ICC) Ha’aretz reported yesterday. The report cited an anonymous senior Palestinian official. “We… – Continue reading
After 2008, BSI has more than 3,000 US accounts on its books The Lugano-based BSI bank has been fined $211 million (CHF203 million) by the United States for aiding and abetting tax cheats. It is the first Swiss-based bank to complete the non-prosecution programme set up in 2013 to clear… – Continue reading
Government questions dividend imputation and company tax rate Australian investors appear to have dodged a bullet, with the government’s first paper on tax reform discussing the dividend imputation system but falling short of attacking it outright as an idea that has outlived its usefulness. David Murray’s inquiry into the Australian… – Continue reading
In a deal with U.S. prosecutors, Swiss private bank BSI SA agreed today to pay a $211 million penalty and hand over leads on more than 3,000 accounts with U.S. ties, as well as the actual names of an undisclosed, but presumably much smaller group of U.S. account owners. The… – Continue reading
JERUSALEM (AP) — Israel said Friday that it will transfer Palestinian tax revenues it has been withholding as punishment for the Palestinians’ application to join the International Criminal Court. Prime Minister Benjamin Netanyahu’s office said the decision was made following the recommendation of Israel’s security establishment and because of humanitarian… – Continue reading
The Israel Tax Authority and Her Majesty’s Revenue and Customs are using powerful technologies to close in on tax dodgers. In Britain, the mix of politics, the upcoming elections, the budget deficit and public pressure has provoked a whirlwind of controversy around the issue of tax avoidance and tax… – Continue reading
‘Choking financial crisis’ grips Palestinian government, which is paying partial salaries and slashing operating expenses. Gripped by financial crisis, the Palestinian government said on Tuesday it was putting an emergency budget in place for 2015 due to the absence of pledged international aid and Israel withholding its tax revenues.
RAMALLAH, March 16 (Xinhua) — A senior Palestinian National Authority (PNA) official on Monday expressed hope that its tax revenue dues, which has been withheld by Israel since early January, would be released soon. Reyad al-Malki, PNA foreign affairs minister, said: “so far, we haven’t received any indication that Israel… – Continue reading
Subsidiaries of Israel’s Delek Group and the Houston-based Noble Energy are suing the state for some $15 million, claiming the government has collected more royalties than permissible on natural gas sales. Accusing the National Infrastructures, Energy and Water Ministry of calculating royalty revenues based on the higher Tamar reservoir gas… – Continue reading
Q4 net profit 478 mln shekels vs 633 mln * Bank provisioned 196 mln shekels in 2014 for U.S. tax evasion * Provisioned 360 mln shekels in Q4 for cost cuts * Shares down 1.3 pct (Adds quotes, details from news conference, analyst’s comments) By Tova Cohen TEL AVIV, March… – Continue reading
MANHATTAN (CN) – Israel’s largest bank helped procure sham loans for clients and advised them to dodge taxes in other ways, a shareholder class action says. Michael Porat, a citizen of Israel, filed the 57-page complaint against Bank Leumi and various international subsidiaries in New York County Supreme Court. Sixty-one… – Continue reading
BRUSSELS, March 6 (KUNA) — The EU warned Friday that the continued withholding of Palestinian revenues by Israel could be highly detrimental to the stability and security of the region. “This decision runs counter to Israel’s obligations under the Paris Protocol of the Oslo Agreement. It should be recalled that… – Continue reading
RAMALLAH, March 2 (Xinhua) — The Israeli withholding of Palestinian tax revenue dues would lead to full security deterioration in the Palestinian territories, a senior Palestinian official warned on Monday in an exclusive interview with Xinhua. Mohamed Mustafa, deputy prime minister of the Palestinian unity government and the minister of… – Continue reading
Feb 26 (Reuters) – Israel’s banking regulator has demanded that two of Israel’s largest banks set aside money to settle possible U.S. tax evasion investigations, Army Radio reported on Thursday. Citing an unnamed source, the radio said the request was made to Hapoalim, Israel’s largest bank, and Mizrahi Tefahot, the… – Continue reading
The issue of whether Israeli banks should take the Swiss approach and refuse to disclose customer identities may be a moot point, in light of a new international anti-tax-evasion treaty that is taking shape. There is a direct line connecting the disclosure of the identities of 6,200 Israelis with Swiss… – Continue reading
Attorneys with the St. Louis law firm Capes, Sokol, Goodman & Sarachan, P.C. are urging people to become aware of a deal between Israeli’s Bank Leumi Group and the U.S. Government, saying it could impact local account holders. The Bank Leumi Group, Israel’s second-largest bank, made a deal with the… – Continue reading
According to the analysis of clandestine files belonging to British banking giant HSBC, it appears that the Swiss banking branch of the conglomerate played a pivotal role in assisting affluent depositors evade taxes on their mega million. A report released on Sunday, Feb 8, by a cadre of reporters representing… – Continue reading
As countries share more information, opportunities to squirrel away cash abroad will continue to narrow AMONG the sins that have most angered the austerity-weary everywhere is the use of undeclared offshore accounts to stash the wealth of the rich. Greeks were particularly enraged when data stolen from Swiss banks showed… – Continue reading
