Tax Circular News Today

The Israeli government has indicated it may soon propose a general reform of Israel’s international tax rules, having regard to OECD and other developments.

Many M&A deals are denominated in foreign currency, but Israeli tax reporting is done in shekels.

The answer lies in the CbC reports, which will soon but belatedly be required in Israel. CbC reports will give the ITA eyes to see around the world what activities a multinational group has.

Transfer pricing studies must now be filed within 30 days after any request from the ITA, instead of 60 days previously.

Eyal Bar-Zvi of Herzog Fox & Neeman Law Offices explains why the burden of transfer pricing documentation will grow as taxpayers are required to submit further documentation, reports and data to comply with the new documentation requirements.

Eyal Bar-Zvi of Herzog Fox & Neeman Law Offices explains why the burden of transfer pricing documentation will grow as taxpayers are required to submit further documentation, reports and data to comply with the new documentation requirements.

Not all Israel’s tax treaties were modified by the MLI, for example the USA didn’t sign up to it.

The latest batch relates to the 2021 tax year onwards and take aim at international cases and trusts.

Below we mainly review proposed proposals for companies (mainly). Last week we reviewed proposals for individuals and immigrants.