On 15 January 2024, Israel’s Ministry of Finance proposed to increase the tax rate on bank profits from 17% to 26% in both 2024 and 2025. At present, banks and other financial institutions pay a 17% VAT-equivalent tax on their total payroll and profits.
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Israel’s government passed the budget for 2025 on 1 November 2024. The 2025 budget includes various tax hikes, such as an increase in the standard VAT rate from 17% to 18% and spending cuts on most ministries. The Israeli Cabinet cited that tax
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Ghana announced that it is negotiating to establish income tax treaties with Hungary, Israel, UAE, Korea, and Egypt. Daniel Nuer, Head of the Tax Policy Unit at Ghana's Ministry of Finance, revealed that the Ministry plans to implement
Read More Andrew Abir, Deputy Governor of the Bank of Israel, said that the central bank will not reduce short-term interest rates in its final two policy meetings in 2024 on Wednesday, 28 August. The Governor said that this decision was taken due to
Read More Israel's Ministry of Finance announced its initial plan to implement the qualified domestic minimum top-up tax (QDMTT) in 2026, as part of the OECD Pillar Two international tax reform. The enforcement of QDMTT will eliminate the need for Israeli
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On 4 March 2024, the Finance Committee of Israel’s parliament (Knesset) passed a measure to impose a 6% tax on financial institutions holding assets equivalent to at least 5% of the total assets held by Israeli banks. This additional tax will be
Read More On 17 August 2023, the Israel Tax Authority (ITA) released Tax Circular No. 1/2023, which provides guidance for mutual agreement procedure (MAP), and bilateral advance pricing agreement (APA) requests. The new circular replaces the guidance of
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