Israel: Status updates of automatic exchange of country-by-country (CbC) reports

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The Israel Tax Authority declared the signing of a multilateral agreement for the automatic exchange of country-by-country (CbC) reports and of common reporting standard (CRS) information. The Director of tax authority signed the Multilateral Agreement for Automatic Information Exchange (CRS) on Common Financial Reporting (CRS) and a multilateral treaty for the implementation of multi-national reporting by submitting an annual report. The CRS is an agreement to implement automatic information exchange regarding financial accounts of foreign residents. The agreement and its standards were developed by the OECD for the purpose of tax enforcement. The CbC report is part of the documentation and reporting requirements for transfer prices as developed by the OECD. The report includes information about the group and its operations. The previous year’s budget contains provisions for the implementation of CbC reporting obligations. However, the CbC provisions were drawn from the budget bill and were then continued by the Knesset as an independent bill.

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