Israel issues draft bill to amend transfer pricing documentation requirements
On 12 October 2020, the Israeli Tax Authority (ITA) published a draft bill for public consultation, proposing to amend Section 85A of the Income Tax Ordinance (ITO) and its regulations. The proposal incorporates the principles of the OECD’s
See MoreIsrael extends annual tax return deadline
On 30 September 2020, the Israeli Tax Authority (ITA) has declared an extension of the deadline for submitting annual tax returns. The release indicates that the deadline is extended to 31 October 2020 for the submission of returns through online
See MoreIsrael: New Tax Circular on burden of proof related to TP audits
On 2 June 2020, the Israeli Tax Authority (ITA) published tax circular 1/2020 addressing the situations in which a transfer pricing (TP) study that is filed by a taxpayer will be considered as meeting the Israeli TP standards in accordance with
See MoreIsrael: Tax measures amid COVID-19 outbreak
On 22 March 2020, the Israel Tax Authority (ITA) has declared several tax measures in response to the COVID-19 pandemic. The tax Authority extended the corporate income tax return submission deadline for the fiscal year 2019 to 30 July 2020 and
See MoreIsrael issues RTP of tax returns for FY 2019
On 30 December 2019, the tax administration of Israel issued an updated list of reportable tax positions (RTP) for financial year (FY) 2016 to FY 2018. All RTPs will apply to Israeli taxpayers with respect to their income tax returns submitted for
See MoreIsrael publishes transfer pricing form for 2019
The tax administration of Israel updated transfer pricing declaration Form-1385, which is a declaration by entities regarding their intercompany transactions with related parties. The tax administration of Israel recently announced that the use
See MoreUK: New protocol to double tax agreement with Israel
On 11 January 2019 the UK and Israel signed a protocol to update the double tax agreement between the two countries, incorporating tax treaty related recommendations of the OECD project on base erosion and profit shifting (BEPS). The protocol will
See MoreJapan: Tax authorities publishes the synthesized text with Israel, New Zealand, Poland, Slovakia, Sweden and the UK
Recently, the Japanese tax authorities published the synthesized text of the Japanese tax treaties with Israel, New Zealand, Poland, Slovakia, Sweden and the United Kingdom (UK) as modified by the MLI. The synthesized text reflects the agreement
See MoreIsrael deposits its MLI Ratification Instrument
The Organization for Economic Co-operation and Development (OECD) announced on September 13, 2018 that Israel deposited its instrument of ratification to implement the Multilateral Convention to Implement Tax Treaty Related Measures for preventing
See MoreIsrael and Lithuania both complete ratification of BEPS MLI
Israel and Lithuania have ratified a multilateral convention to implement tax treaty related measures to prevent BEPS (MLI). This means that both countries have completed the domestic process and deposit its ratification instrument for MLI. This
See MoreIsrael: Tax Authority publishes Circulars regarding transfer pricing issues
The tax authorities (ITA) have recently published final versions of two professional Circulars, entitled Circular 11/2018 and Circular 12/2018, stating the ITA's expected profit levels for marketing services and for low-risk distributorship
See MoreIsrael: DTA with Austria will enter into force on March 1, 2018
On March 1, 2018, the Double Taxation Agreement (DTA) between Austria and Israel will enter into force .This will be applicable from January 1, 2019. From this date, the new DTA replaces the existing DTA of
See MoreArgentina: Social Security Agreement signs with Israel
The Officials of Argentina and Israel were signed a Social Security Agreement on September 12, 2017. This treaty will enter into force and will apply from the first day of the third month following the exchange of the ratification
See MoreIsrael: Social Security Agreement with Russia enters into force
The Social Security Agreement between Israel and Russia will enter into force on October 1, 2017. This will be applicable from its entry into force date. It was signed on June 7,
See MoreIsrael: Postponement of the reporting date and detailed VAT payment report
According to Section 67 (b1) of the VAT Law, the date of reporting and detailed VAT payment report for August 2017 has been postponed until September 27, 2017. It should be explained that this postponement applies only to dealers who submit a
See MoreIsrael: New transaction turnover amount for 2018
The Tax Authority of Israel released amended Value Added Tax (VAT) Circular 3/2017 on September 4, 2017. Under section 67 (a2) (1) of the VAT Law, the amount of the transactions turnover was updated. The VAT return threshold amount sets at NIS
See MoreIsrael: District Court makes a decision on Israeli transfer pricing rules
A decision was made and governed by an Israeli District Court that when an Israeli company gained IP ownership and shortly thereafter its employees and other assets (with IP) to a related party, the transfer should be counted as a sale for whole
See MoreArmenia: DTA with Israel signed
On 25 July 2017, the Minister of Foreign Affairs of Armenia and the Minister of Regional Cooperation of Israel have signed a Double Taxation Agreement (DTA) for the avoidance of double taxation and the prevention of fiscal evasion with respect to
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