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18.05.10
Israel was accpeted as a member of the OECD
The Organization for Economic Development and Cooperation (OECD) accepted Israel into its ranks, as its 32nd member. The 31 current member countries of the OECD unanimously approved Israel as a new member. The OECD praised Israel as one of the few economies in the world to show growth in 2009, during the world economic crisis. The OECD expects Israel’s economy to grow at least 3.5% in 2010.Membership in the OECD, which includes the major players in the global economy, will enhance Israel’s ability to conduct an ongoing dialogue with representatives of these economies; boost its credit rating and strengthen is ties with foreign investors. Israel was invited to open accession talks in 2007.As part of the three- year accession process, Israel has had to comply with the norms and standards upheld by the 31 OECD member countries in the fields of financial markets, anti-corruption legislation, technology and innovation, and investment.
05.01.10
Regulations Regarding “Aggressive” Tax-planning Measures Become Permanent
On December 25, 2006, the Israeli Parliament approved regulations that list acts which are considered to be “aggressive” tax-planning measures, and as such require reporting in the annual tax return. These regulations, which were primarily published as a temporary provision for tax years 2007 to 2009, became permanent on December 31, 2009.
31.12.10
Change to Value Added Tax Rate
On December 30, 2009, the Israeli Parliament confirmed the amendments of two Value Added Tax Orders. From January 1, 2010 until December 31, 2010, the value added tax rate will be reduced from 16.5% to 16%.
28.10.09
Israel Tax Authority announced an additional extension of reporting and voluntary disclosure deadlines
The Israeli Tax Authority (ITA) announced yesterday (28.10.09) an additional extension of the reporting and voluntary disclosure arrangement deadlines. The new deadline is 31 December 2009.
The announcement was accompanied by a position circular, issued by the Director of the ITA, which includes the following matters:
The ITA further announced that it would publish shortly a new circular in connection with taxation on trusts and foundations.
04.04.2009
Rosenberg, Keren-Polak & Co., Advocates is recommended by the Legal 500, 2009 edition
Rosenberg, Keren-Polak & Co., Advocates was elected again as a recommended tax experts at the The Legal 500, Israel section. For the first time, we are also recommended as a foreign law firm at the Priate Banking Section of Switzerland. A special remark was given to our firm's expertee in Trust Law and Taxation of Trusts.
in the wording of the Legal500:Israel:
‘ Rosenberg, Keren-Polak & Co is a relatively small operation, but is quick to react, efficient and experienced’ in advising on trusts, succession planning, tax structuring, private banking and private client work, often co-operating with its office in Zurich. The firm regularly advises Israeli and international clients in connection with international matters involving Switzerland, Gibraltar, the BVI, Panama and the Isle of Man. George Rosenberg is recommended for his ‘ broad perspective, experience of several cultures and remarkable competence at languages’."
"With offices in Israel and Zurich, Rosenberg, Keren-Polak & Co deals mainly with trusts, international taxation, banking and international transactions, and is recommended for its ability to service Israeli clients with enterprises in Switzerland and other parts of Europe. "
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Israeli beneficiaries in any trust or foundation, who received any distribution in the tax years 2002-2005, and did not report it in their annual tax return, must report it by December 31, 2009.
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Within the framework of the voluntary disclosure arrangement, adjustments are made for the taxation of assets sold at a loss in the period between 1 January 2006 and 31 December 2011.
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Although assets of income reporting in the annual tax return for the years 2006-2009 must be declared in NIS (New Israeli Shekels), the value date of the conversion need not be the date of the transaction but may be representative rate on the last day of the respective tax year.
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