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Israel Tax Authority announced an additional extension of reporting and voluntary disclosure deadlines 28.10.2009
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:
1) 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.
2) 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.
3) 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.
The ITA further announced that it would publish shortly a new circular in connection with taxation on trusts and foundations.
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