Israel Tax Authority<\/a> (ITA) announced a new Israeli tax amnesty (voluntary disclosure procedure). It is available until this coming August 31, unless it is extended. The ITA and Justice Ministry initiated the latest tax amnesty to help finance the war.<\/p>\nIn applicable cases, the ITA, in conjunction with the Attorney-General\u2019s Office, is willing to commit to refrain from initiating criminal proceedings against anyone who makes a voluntary disclosure if they meet all the conditions. These conditions are contained in Standing Rules and are further explained in ITA Operating Instructions.<\/p>\n
Anonymous amnesty requests will not be accepted, tax is not reduced, and there is no automatic relief from fines, but mitigating circumstances must exist.<\/p>\n
The amnesty has broad coverage, including income tax, capital-gains tax, real-estate tax, VAT, import tax, cash transactions over permitted limits, and various money-laundering offenses.<\/p>\n
For income-tax cases, there will be a regular track and a fast track, or \u201cgreen track.\u201d The fast track is for smaller cases: (1) Financial assets in a foreign financial institution were below NIS 4 million at the end of 2024, and there were no deposits or movements in the amnesty period (not apparently defined); (2) Unreported rental income in Israel and\/or abroad is not more than NIS 250,000 per year; (3) Unreported income from digital (crypto) assets is not more than NIS 500,000, and their fair value at the end of 2024 did not exceed NIS 1; and (4) a combination of the above.<\/p>\n
What is the main problem?<\/p>\n
In practice, full documentation going back all relevant years can be hard to obtain if a taxpayer doesn\u2019t already have it. But full documentation spanning all years is critical to help avoid a \u201cbest judgment\u201d estimated assessment. This is rarely best for the taxpayer.<\/p>\n
Regulations authorize a court to admit evidence supporting a tax assessment or tax return even if the evidence would be unacceptable in civil proceedings. This implies that a court can admit a \u201cbest judgment\u201d estimated tax assessment as evidence.<\/p>\n
Comments: The ITA amnesty rules and clarification should be read between the lines. Undisputed tax should be paid. Strenuous attempts may be needed to conjure up sufficient paperwork and to keep the amnesty process going. Otherwise, a best-judgment estimated assessment may be issued, which a law court may later admit.<\/p>\n
If all the paperwork does exist, an Israeli tax-amnesty request may be worth considering \u2013 especially in smaller cases eligible for the fast track. There is no need to change your name to Trump.<\/p>\n
As always, consult experienced tax and professional advisers in each country at an early stage in specific cases.<\/p>\n
leon@hcat.co<\/p>\n
The writer is a certified public accountant and tax specialist at Harris Consulting & Tax Ltd.<\/p>\n","protected":false},"excerpt":{"rendered":"Trump\u2019s amnesty stems from a settlement agreement on May 18 of a civil lawsuit between President Donald Trump,…\n","protected":false},"author":2,"featured_media":466987,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[3],"tags":[54,268,42,46,120096,43,1584,40,38,41,39,1032],"class_list":["post-466986","post","type-post","status-publish","format-standard","has-post-thumbnail","category-headlines","tag-donald-trump","tag-finance","tag-headlines","tag-israel","tag-israeli-taxes","tag-news","tag-taxes","tag-top-news","tag-top-stories","tag-topnews","tag-topstories","tag-united-states"],"_links":{"self":[{"href":"https:\/\/www.newsbeep.com\/il\/wp-json\/wp\/v2\/posts\/466986","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.newsbeep.com\/il\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.newsbeep.com\/il\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/il\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/il\/wp-json\/wp\/v2\/comments?post=466986"}],"version-history":[{"count":0,"href":"https:\/\/www.newsbeep.com\/il\/wp-json\/wp\/v2\/posts\/466986\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/il\/wp-json\/wp\/v2\/media\/466987"}],"wp:attachment":[{"href":"https:\/\/www.newsbeep.com\/il\/wp-json\/wp\/v2\/media?parent=466986"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.newsbeep.com\/il\/wp-json\/wp\/v2\/categories?post=466986"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.newsbeep.com\/il\/wp-json\/wp\/v2\/tags?post=466986"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}
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