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Israel Amends Controlled Foreign Corporation Tax Regime
Israel's Knesset on December 23 approved amendment 198, revising section 75B of the Income Tax Ordinance, 1961 (ITO) to further ensure the taxation of controlled foreign corporations. The amendment entered into force on January 1. Since 2006 Israel has taxed qualifying resident shareholders -- both corporate and individual -- on the undistributed profits of foreign companies that qualify as CFCs. Specifically, when an Israeli resident shareholder individually owns at least 10 percent of the means of control of a foreign company and collectively owns, together with other
Israeli resident shareholders, at least 50 percent, and the majority of the foreign company's income is (by Israeli definition) considered passive in a specific tax year, the qualifying shareholders must each report their pro rata part in the undistributed profits of that foreign company as a deemed dividend. That regime also applies to foreign companies that are controlled at least 40 percent by close relatives.
Tax Changes 2014 relevant for Israeli companies investing in/through In the Netherlands
The firm of Barnea & Co, together with the Israel-Netherlands Chamber of Commerce, and the Netherlands Foreign Investment Agency, organize a breakfast workshop "Tax Changes 2014 relevant for Israeli companies investing in/through In the Netherlands" to be held morning of December 25, 2013, at the Offices of Barnea & Co, 6 HaChoshlim street, 4th floor, Herzelia. Invitations only.
The former shareholer in Vita will not be sued
The Tel Aviv court has overturned and a court order allowing service of the claim against a former shareholder in a company called "Vita" outside of the Israeli jurisdiction.
Offering securities through an online platfor
There is a growing interest in raising funds online. This is owing to the fact that the Internet provides a wide exposure to diverse audiences. This creates an opportunity for small enterprises to be exposed to alternative and new financing options, that in the normal course would not be available to them. This, in turn, allows the enterprise to widen their circle of potential investors.
Israel has won the lottery but does not take advantage of it
The business world is desperate for certainty, especially in the industries where investments of billions of dollars are required in order to build infrastructure such as the gas production - by Micky Barnea, TheMarker.
IFLR 1000 - 2014
Barnea & Co. continues to support MyIsrael
World Tax - 2014
Barnea was ranked by the World Tax, the International Tax Review's directory to the leading tax advisory firms around the world, as a leading tax firm in Israel.
8.5 years in jail to the former treasurer of kibbutz Shefayim
The former treasurer of kibbutz Shefayim and his wife were convicted of stealing 16.5 million NIS from the kibbutz and sentenced to 8.5 years in jail. The kibbutz members are still hoping that Adv. Zohar Lande will recover the money that the family is still hiding.
Online Gambling Panel
On November 18th, the Israel Bar will hold a panel in respect of online gambling. Our Head of Barnea's internet and e-commerce department, will participate in the panel.
Barnea & Co. in Rome
Heading for a settlement? A dispute for over 4 million dollars shall be mediated
China's Suncore represented by Barnea & Co acquired the assets of Israel's Zenith Solar
Barnea represented Suncore in a transaction, that was effected by both the litigation and the M&A departments, in which all of Zenith Solar assets were acquired by Suncore.
Suncore is a concentrating photovoltaic (CPV) systems manufacturer. ZenithSolar's system provides electrical output from a PV array and also generates hot water at a temperature suitable for domestic and industrial applications. Suncore is owned by San’an Optoelectronics, the largest LED manufacturer in China. LED technology is in many ways similar to the multi-junction PV cells used in CPV.
The former treasurer of Kibbutz Shefayim and his wife were convicted of stealing 16.5 million NIS from the Kibbutz
Attorney Zohar Lande, head of the litigation department at Barnea & Co, made a short statement on behalf of the Kibbutz: "We respectfully acknowledge the Court's verdict. Sadly, this sordid affair has had a major impact on the social fabric of the Kibbutz in the last decade. Since Doron's embezzlement was exposed, we have acted within the Kibbutz community, as well as within the judicial system, in an effort to retrieve the money that has been stolen from the Kibbutz. The Kibbutz shall keep cultivating the values of solidarity between its members. We are hopeful that today's verdict shall enable the members of the Kibbutz to return with much enthusiasm to their normal routine of productiveness and creativity".
Barnea & Co. is growing
Barnea continues its expansion. The firm has recruited three new attorneys that will work in the firm’s commercial department – Adv. Ilan Blumenfeld, Adv. Anat Even Chen and Adv. Karin Kashi. The firm now comprises of a team of 35 lawyers.
The best Lawyer Website – 2013
Financial Regulation: Early Achievements
In 2010, the Israeli Parliament enacted the Securities Law , creating the framework for the licensing of the online financial trading industry in Israel. The Act is the first attempt of the government to regulate online financial trading in Israel, which is unregulated at all, allowing rogue operators to act, causing damage to consumers and to the reputation of respectful operators.
The Lawyer's special report: Tel Avision
Barnea & Co. represented Orid Media Limited
Barnea represented Orid Media Limited in its sale of certain of its assets and liabilities, including its subsidiary, Pariplay Limited, an Isle of Man online gambling licensee, to a partly owned subsidiary of Majesco Entertainment Company, a NASDAQ listed company. The transaction will see Majesco invest a sum of between $3.5 to $4.5 million.
Sea view real estate
Before buying real estate close to the sea, Adv. Nadler advises that a buyer must bear in mind that the corrosion to buildings that are located near to the edge of the sea is substantial. "Maintenance issues are important factors to consider because of the dust and sea spray. You should also be aware that there are higher maintenance costs involved in owning an apartment near the sea arising from dust, dirt, corrosion and external maintenance to the property.
It's also very important to have proper and ongoing maintenance to the property and this incurs a substantial cost. So if you calculate the apartment price whilst factoring in the higher maintenance costs the fee per square meter of the property would be a higher fee per square meter calculated in the purchase price and may be a lot greater than may be anticipated.