[RBS] Tax Update - Israeli Tax Amnesty

[alandeutsch]

From:  Rachel Levkowitz, CPA (Isr)
	Alan R. Deutsch, CPA (US)

A great opportunity has arisen if you have been contemplating filing tax returns in Israel but were afraid to do so.  Ruchi Levkowitz, the independent CPA our office works with is available to assist with applications for voluntary disclosure and clarifications as follows:

  ISRAELI INCOME TAX "AMNESTY" FOR REPORTING FOREIGN ASSETS AND INCOME

The Israeli tax authorities recently announced that they are implementing a Tax Amnesty Program. The program will require payment of tax only. As such, there will be immunity from criminal proceedings and a waiver of penalties, interest and linkage. The program is effective November 15, 2011 and ending June 30, 2012. The program requires tax be paid from 2003 on:
„Ï	Unreported income from foreign (e.g. U.S.) assets received as inheritance or gifts.
„Ï	Unreported income from foreign (e.g. U.S.) assets earned from Israeli or foreign sources or which taxes were paid or were not subject to tax in Israel.
„Ï	Income from foreign (e.g. U.S.) assets which as subject to Israeli taxes since 2003.

Please contact us if we can assist you.

Rachel Levkowicz, CPA (Isr.)
073-796-4487 
29-A Nachal Dolev, Suite 4, P.O. Box 70494
Ramat Beit Shemesh 99630 Israel
Email: ruchi at ardcpa.com                                 
Fax 02 991-0195

Best regards,
Alan R. Deutsch, CPA & Associates