News & Analysis as of September 20, 2024

Income Taxes › Israel

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Income taxes are taxes that are collected on the individual earnings of persons or entities. Depending on the jurisdiction, income taxes are calculated and collected in a variety of ways. Some tax systems collect income taxes based on a progressive scheme, while others may utilize a proportional or regressive framework. less -

Ruling: Pre-Sale Dividend Distribution to Reduce Tax Liability

Barnea Jaffa Lande & Co. on 11/7/2023

A district court ruling handed down this past September addresses the legitimacy of distributing dividends prior to a sale of shares in order to reduce the tax liability deriving from the transaction. The court found that, in...more

IRS Response to Israel’s Declaration of War: Relief to Impacted Taxpayers, But Extensions Granted to Its Enforcement Arm

DarrowEverett LLP on 10/19/2023

In IRS Notice 2023-71 (the “Notice”), the Internal Revenue Service (“IRS”) granted a postponement until October 7, 2024 for various time-sensitive filing and payment deadlines for taxpayers affected by the terrorist attacks...more

Relief for Taxpayers Affected by the Terrorist Attack on Israel and the Israel-Hamas War

Orrick, Herrington & Sutcliffe LLP on 10/19/2023

The U.S. Internal Revenue Service has postponed the due dates for U.S. taxpayers affected by the terrorist attacks in Israel beginning on October 7, 2023. Affected taxpayers described below have until October 7, 2024 to file...more

IRS Provides Extensions for Taxpayers Impacted by Hamas Terrorism in Israel

Fox Rothschild LLP on 10/16/2023

In Notice 2023-71, the IRS provided tax relief for individuals affected by Hamas’ terroristic action in the State of Israel beginning on October 7, 2023. Notably, this relief is not limited to eligible taxpayers in Israel,...more

Tax Aspects of Cryptocurrency-Based Compensation to Employees

Barnea Jaffa Lande & Co. on 11/28/2022

Share-based compensation is the most popular reward method among employees and service providers in many industries today, especially the high-tech industry. From the grantee’s point of view, the receipt of options enables a...more

Israeli High Court Ruling: The Knesset Finance Committee is Limited in its Authority to Approve Tax Benefits for NPOs

Barnea Jaffa Lande & Co. on 8/31/2021

The Israeli High Court of Justice ruled recently that section 46 of the Income Tax Ordinance does not authorize the Knesset Finance Committee to exercise broad discretion in recognizing NPOs and in fact the Committee’s...more

Dramatic Decision on the Taxation of Trusts in Israel

Barnea Jaffa Lande & Co. on 8/2/2019

The Tel Aviv District Court handed down a decision a few days ago rejecting the Israel Tax Authority’s (ITA) position on the conveyance of real estate properties to trusts. This decision dramatically changes the taxation of...more

Precedential Court Ruling on Options Plans for Employees

Barnea Jaffa Lande & Co. on 7/24/2019

Several days ago, a precedential judgment was handed down (AA 55937-01-17, Shohat v. The State of Israel) on option plans for employees in respect of section 102 of the Income Tax Ordinance. Although the judgment considers...more

Israeli Tax Authority Extends Deadline to Register Family Trusts and Elect Tax Regime

Cozen O'Connor on 8/27/2015

On June 29, 2015, the Israeli Tax Authority extended the deadline for registration of Family Trusts (sometimes referred to as Relatives Trusts), which are trusts created by a non-Israeli grantor for the benefit of one or more...more

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Income Taxes › Israel

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