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September 7, 2015
Lexology Navigator - Employment & Labour
We were chosen to be the author of the Israeli chapter of "Lexology Navigator - Employment Labour".
In this exclusive chapter, we provide a market and regulatory overview in respect of Israel.
Lexology is a web-based service that provides company law departments and law firms with a depth of free practical know-how that would be impossible to produce internally. Lexology has become the pre-eminent online source of legal news, updates and analysis for more than 242,000 lawyers worldwide.
September 7, 2015
Israel Tax Authority extends voluntary disclosure program
As expected, the Israeli Tax Authority has decided to extend the temporary order regarding anonymous Voluntary Disclosure.
The Israeli Tax Authority announced that the temporary order regarding voluntary disclosure, which was supposed to expire on September 6, 2015, has been extended.
The temporary order was published a year ago and was limited to one year. The regular procedure has been restricted until 31/12/2016.
In total, last year 3290 requests were submitted, about 60% of them anonymous. In light of this success, it was decided to extend the duration of the temporary order.
Additional information regarding the dates will be announced later.
September 7, 2015
Barnea & Co. represents Tonstate Group
The UK real estate investment company, Tonstate Group, is suing the PBC Group and its partners for GBP 88.5 million (approximately NIS 500 million) in the UK courts.
Tonstate is represented in the UK by the law firm, Rosling King. Zohar Lande of Barneais assisting Rosling King in the action.
September 2, 2015
New business in ancient lands
As an MA expert who is highly experienced in multi-jurisdictional transactions, Simon Jaffa was interviewed for the August edition of the China Business Law Journal. The article deals with China’s interests in the Middle East. Simon was selected by the Journal to represent Israel in its section on the Middle East on the strength of his prominence in Israel as an expert in the above field. To read the full article, please click here (p.109)
August 30, 2015
New ITA circular, Aug 2015
On August 16, 2015, the Israel Tax Authority published a new circular (number 8/2015), which is effective immediately. The circular presents the new material requisite tests and criteria for recognizing an organization as a ‘public institution’ pursuant to section 46 of the Israeli Income Tax Ordinance. Certification issued to an organization pursuant to section 46 of the Income Tax Ordinance confers a tax benefit, by way of tax credits to donors in respect of donations they grant to that organization, at a rate of 35% for an individual donor and 26.5% for a corporate donor (according to the corporate tax rate).
August 20, 2015
Which employee has a right to have a day off and when – and who must go to work?
Marie Tsion, head of employment department, was interviewed by Globes.
August 19, 2015
How the JOBS Act Changed the Rules of the IPO Game
A few weeks ago, a new law came into effect in the United States that made significant changes to how small companies can raise money.
The Jumpstart Our Business Startups Act (better known by its nickname, the “JOBS Act”) aims to ease the process for startups to seek investments, with a potentially dramatic effect.
Now, two years after the JOBS Act became law, we can look back and see just what effect these changes have had on the process of taking startups through initial public offerings (IPOs), and how this affects Israeli startups.
August 19, 2015
Barnea & Co. represented Kibbutz Shefayim
Kibbutz Shefayim filed a request yesterday to the Tel Aviv District Court to declare Yehuda Doron, the former treasurer of Kibbutz Shefayim, as bankrupt, if he does not pay within one week the sum of NIS 14.6 million. This amount represents the majority of the money in respect of which Doron was convicted of theft.
August 18, 2015
Updates about legislative amendments relating to construction licenses and permits
Amendment 101 to the Building and Planning Law was promulgated in April 2015. The amendment concerns a transfer and expansion of authorities to the local committees and sweeping amendments designed to shorten, streamline and simplify construction licensing.
August 17, 2015
New R&D Law – More Flexibility in Supporting Technological Innovation
On July 29, 2015 the Knesset passed the 7th Amendment to the Encouragement of Research and Development in the Industry Law. The purpose of the amendment is to allow the State of Israel to effectively and efficiently continue its support of the various companies which promote technological innovation and address the current challenges this industry faces in light of the importance of the high tech industry to the Israeli economy.
August 11, 2015
Israel home sales reach all-time monthly record
The Ministry of Finance has published data showing a 42% surge in apartment purchases to a record 16,100 apartments in June. This " wave of sales" is a result of investors trying to buy before implementation of the new purchase tax. Maya Zisser Ben Tal, partner in the real estate department, was interviewed by some leading newspapers and websites – Globes, Calcalist, Ynet and Bizportal, saying that she doubts if the new purchase tax will eventually reduce high prices in the housing market.
August 11, 2015
Israel home sales reach all-time monthly record
The Ministry of Finance has published data showing a 42% surge in apartment purchases to a record 16,100 apartments in June. This " wave of sales" is a result of investors trying to buy before implementation of the new purchase tax. Maya Zisser Ben Tal, partner in the real estate department, was interviewed by some leading newspapers and websites – Globes, Calcalist, Ynet and Bizportal, saying that she doubts if the new purchase tax will eventually reduce high prices in the housing market.
August 6, 2015
Algo Trading and the Israeli Securities Authority – on a collision course?
The new regulatory regime in respect of own account financial trading recently came into effect in Israel. This followed a legislative process that took more than four and a half years since the enactment of the relevant primary legislation. This legislation assigned the Israeli Securities Authority (ISA) with the role of the regulator in charge of licensing of the relevant stakeholders and overseeing the implementation and enforcement of the legislation.
August 6, 2015
Barnea helps employees to ease Light Rail disruption
Following the chaos expected from Tel Aviv light rail work, some employers are trying to find creative solutions for their employees. Barnea was interviewed by a leading economic show on the 2nd TV Channel, as an employer which takes care of its employees.
August 4, 2015
225 companies have been de-listed from the Tel Aviv Stock Exchange in seven years - why it happened, and how to stop the flight?
Controlling shareholders and company managers complain about the stifling regulation, low turnover, high costs, the intervention in determining wages, and a negative image following the social protests. The leading newspaper, TheMarker, interviewed stock exchange experts, amongst them, Micky Barnea, to discuss why it happened, and how to stop the flight.
August 2, 2015
Barnea represented Stride Gaming plc
We represented the leading gambling company, Stride Gaming plc, in its acquisition of the entire issued share capital of InfiApps Limited. Stride Gaming plc, which is listed on AIM, acquired the entire issued share capital of InfiApps Limited, a profitable Israeli internationally-focused mobile social gaming company.
The total consideration payable for the acquisition is up to $39.2 million. Of this, an initial consideration of US$21.2 million in cash will be payable on completion, together with an additional earn-out consideration of up to $18 million payable in cash, determined by the EBITDA generated by InfiApps in the two years following completion of the acquisition.
July 26, 2015
Micky Barnea says to Globes: "2014 Israel Gaza conflict still influences foreign investment in Israel"
Micky Barnea, Managing Partner of Barnea, was interviewed last week by Globes newspaper. Micky spoke about his personal life and earlier career. He also shared his thoughts regarding Israel’s deteriorating status in the world which is keeping some foreign investors and businesses away from Israel. To read more, please click here
July 14, 2015
Housing cabinet approves subsidized housing program
The housing cabinet, headed by Finance Minister Moshe Kahlon, confirmed yesterday a long series of decisions made by the cabinet, relating primarily to relief on property prices. The Financial magazine, Globes, published comments by certain real estate experts regarding these measures. One of the experts, Maya Zisser, a partner in the real estate department of our firm commented that she doubted whether the promises made will be fulfilled.
July 12, 2015
Barnea & Co represented Blender
Israeli startup Blender announced today that it had raised $5 million from Blumberg Capital. The company has raised $3.5 million since it was founded, not including the current round.
July 12, 2015
How to sprinkle star dust of the high-tech industry on the TASE?
The Israeli corporate governance rules discourage technology companies from listing on the TASE. However, with some simple steps this all can be changed. Israel's position as the Startup Nation is reflected in the fact that multiple local technology companies are listed on the US and London Stock Exchanges. However, the TASE has never managed to make itself an attractive target for Israeli high-tech companies. Thus, while many technology companies today prefer the purchase option of an initial public offering, such companies seeking to issue shares do not regard the TASE as an attractive or even relevant option. They prefer to turn to international exchanges.