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September 5, 2016
For the First Time, Tax Relief Has Been Approved for Contributions to an Israeli NPO Operating Abroad
In an unprecedented action, the Knesset Finance Committee has recently recognized an Israeli organization operating abroad as a ‘public institution’ pursuant to section 46 of the Israeli Income Tax Ordinance. Such recognition affords the non-profit organization, a tax benefit, by way of a tax credit to donors for their donations granted to that organization.
September 1, 2016
Fathers Granted Right to Paternity Leave - Marie Tsion for Walla
Adv. Marie Tzion, Partner and Head of the Employment department, published an opinion article in Walla Business, following the recently passed amendment, which granted fathers the right to paternity leave at the expense of already existing leave entitlements.
August 31, 2016
EU: Apple ordered to Pay Ireland 13 Billion Euros in Taxes
Harel Perlmutter was interviewed yesterday by leading newspapers regarding the EU Commission’s order against Apple to pay 13 billion Euros ($14.5 billion) to Ireland in respect of unpaid taxes. According to Perlmutter, Apple could be hit with billions of dollars in assessments for back taxes after this landmark decision.
August 31, 2016
Amendment to the “Anti-Spam Law”
The Knesset's new anti-spam legislation includes any advertisement disseminated to the public at large that asks for a contribution or that constitutes non-commercial propaganda.
August 30, 2016
Trademark Protection: Registration and Enforcement
Part of how any company moves from startup to growing and thriving is to create a recognizable brand under which it operates. The brand provides a way to distinguish yourself with customers, and it all begins with images that you use to represent yourselfand no one elseto the world. To prevent others from using the same or similar images, though, you need to obtain trademark protection. A trademark is a kind of intellectual property protection that lets you defend your marketing ground against others who want to benefit from your symbols and imagery.
August 30, 2016
Apple Must Pay 13 Billion Euros in Back Taxes to Ireland
Adv. Harel Perlmutter, Head of the Tax Department at Barnea, was interviewed by several media following the European Union's ruling that Apple was given illegal tax benefits over two decades, therefore will need to pay 13 billion Euros in back taxes in Ireland.
August 29, 2016
Extension Order Increasing the Allocations to Pension Insurance and Amendment to the Control of Financial Services
After about a year of uncertainty about the pension insurance allocation ratios according to Amendment number 12 to the Control of Financial Services (Provident Funds) Law of August 2015, the matter has recently been resolved.
August 28, 2016
Amendment of the Income Tax Ordinance – Information Exchange Between Tax Authorities
An amendment to the Income Tax Ordinance that was recently enacted obligates financial institutions to identify the residency and citizenship of their foreign account holders. The financial institutions are required to report the information to the Israel Tax Authority, so that the ITA can then relay that information to the relevant foreign tax authority.
August 25, 2016
Mistakes to be avoided by early-stage entrepreneurs
Ariella Dreyfuss will lecture to early-stage entrepreneurs who participated in StarTAU's Elite Entrepreneur Program.
The lecture will deal with founders agreements and what you need to avoid as a new startup.
August 25, 2016
Human Resources Forum Half Year Event
Our Head of Employment Department will participate in the Human Resources Forum Half Year Event taking place on September 14th. She will discuss the terms of employment in the weekly rest period.
August 25, 2016
New Superior Court Ruling Regarding Taxation of Non Compete Benefits
After years of district courts issuing contradictory rulings, the Supreme Court recently resolved the ambiguity surrounding the classification of compensation in respect of non-competition covenants when employees leave employers.
August 24, 2016
New Financial Reforms
During July, the Knesset passed the Control of Financial Services (Regulated Financial Services) Law. The Law is a harbinger of efforts to regulate the provision of financial services that had not been supervised up until now, apart from certain aspects pertaining to money laundering and the Regulation of Nonbank Loans Law. The Law also unifies the handling of all matters relating to the regulation of these services under one roof.
August 23, 2016
Officers’ Remuneration – Are New York and London Following TASE’s Lead?
Adv. Micky Barnea, Managing Partner at Barnea, was interviewed by Globes Dun's 100 on the emerging trend in the United States and England to adopt stricter corporate governance rules pertaining to director remuneration.
August 23, 2016
Reverse Vesting and Holdback – Good News for Entrepreneurs?
On July the Israel Tax Authority presented its position that the sale of equity by a founder should be treated as a capital gain and not income, irrespective of whether such shares had been subject to a Reverse Vesting mechanism and/or Holdback. A double edged sword for entrepreneurs.
August 22, 2016
The High-Tech Sector in Israel in the Year Ahead
Israels ‘startup boom’ has grown unfettered for decades. Its emergence as a nation of opportunity for business creation and innovation came not by accident, but through careful planning, tendency to think ‘outside the box’ and constant strive towards execution. All of which have been accomplished due to ability of Israel to support and grow qualified and innovative individuals. After years of steady growth, though, the country now faces some challenges to its positioning in the technology sector. Shortages in their high-tech labor pool and a need for companies to grow more within the country are forcing adjustments. How Israel navigates these concerns will have a significant impact on the year ahead for high-tech companies.
August 10, 2016
Investors Search For Options Before Apartment Tax Comes Into Force
Following the announcement of Minister of Finance, Moshe Kahlon, of the Government’s intention to impose an annual tax on owners of 3 apartments and more, Adv. Liat Keisary, Partner at Barnea, was interviewed by Bizportal. Liat discussed the pros and cons of the option of incorporation by the owners to hold the properties.
August 9, 2016
Israel's Leadership in the Internet of Things
The Internet of Things (IoT) has emerged as a popular technology buzzword in the last decade. As with many such phrases, it has garnered widespread usage with little understanding of what it actually signifies. Far from meaningless terminology, though, IoT already pervades the consumer marketplace, and growth opportunities abound. Israels sophisticated tech sector provides fertile ground for continued expansion in IoT investment and development.
August 4, 2016
Barnea & Co. Represented Stride Gaming PLC
Adv. Karin Kashi of Barnea represented Stride Gaming PLC, an online Bingo operator traded on AIM, London, in a major transaction recently. The Stride group acquired the assets and shares of Tarco Limited and Netboost Media Limited for consideration of up to GBP 40.2 million. GBP 22 million of the amount will be paid in accordance with the 2017 EBITDA of the acquired businesses.
August 3, 2016
Moshe Kahlon Proposes New Apartment Tax
Minister of Finance, Moshe Kahlon, is proposing the imposition of an annual tax of 1% of the value, starting January 2017, on owners of 3 apartments and more. Adv. Liat Keisary, Partner at Barnea, was interviewed by Globes and commented that owners will eventually find legitimate tax structures to mitigate this tax. Others that will not be able to save this tax will transfer the cost onto the shoulders of the tenants.
August 1, 2016
Cellect Biotechnology Completed a Nasdaq IPO
On 31st July 2016 Cellect Biotechnology announced that it has completed its Nasdaq IPO, raising $8.4 million. Cellect Biotechnology will be traded on Nasdaq in parallel with its listing on the Tel Aviv Stock Exchange. Barnea represented a group of US underwriters, led by H.C. Wainwright , LLC, in the process of submission by Cellect Biotechnology of a prospectus for the Nasdaq listing. Cellect Biotechnology develops innovative technologies in the stem cells sphere.