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A new amendment to the Israeli Income Tax Law will enable the Tax Authority to receive information from tax havens. The government will have power to sign information exchange agreements that allow the Israel Tax Authority to share information with tax authorities of countries around the world and specifically with tax havens, and obtain information on foreign bank accounts.
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The Israeli Tax Authority published recently guidelines with special transitional arrangement to certain trusts that had previously been exempt from Israeli tax and became subject to tax from 1 January 2014. Any trustees who wish to relay on the tax arrangement and pay partial tax to settle on the Israeli tax position of a trust must do so by 31 December 2014.
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