Client updates / Israel Tax Authority

Swords of Iron: Compensation Outline for Businesses Law

20 November 2023 / Amos E. Rosenzweig , Hanna Daher, Alon Davidovich

After lengthy discussions, the Knesset approved a wartime compensation outline for businesses. The outline offers compensation of up to a maximum of ILS 1.2 million to businesses with annual turnovers ranging between ILS 12,000 and ILS 400 million.

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Categories: Corporate | Tax

Reporting Methods – “Accrual Basis” or “Cash Basis”

16 March 2023 / Hanna Daher

Preparing reports on an accrual basis and adjusting them to a cash basis for tax purposes was an acceptable practice until the Israel Tax Authority (the “ITA”) determined otherwise. However, many companies still prepare two sets of reports, sometimes resulting in problems with the ITA.

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Categories: Tax

Employers, Do You Have a Central Severance Pay Fund? You Should Read This

4 February 2018 / Barnea

In 2017, the Israel Tax Authority published a circular addressing the use of accumulated balances in central severance pay funds, and many employers began liquidating these severance pay funds. It is important to note that the liquidation of a central severance pay fund also has implications on labor relations with your employees.

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Categories: Compliance | Employment

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Client updates / Israel Tax Authority