Post with value number 4 Round 4 – A wake-up call to all those veteran investors, …

Post with value number 4 Round 4 – Call for awakening For all those veteran investors, or those who refuse to internalize, no matter where your money sits, you still have to report to the Israeli tax authorities … You better wake up. I have already met with investors who think that there is no need to report, and I have met with investors who have been active for 8 years. Because they think the income tax authorities did not know .. Israel will soon receive financial information on its residents from dozens of countries, as part of an international agreement it signed – the CRS agreement Within the framework of the OECD. Israel has signed more than 50 conventions for the avoidance of double taxation, in which some countries have undertaken to transfer information on the income and money of Israelis between their borders. By virtue of these agreements, information has been flowing over the years to Israel about its residents. In addition, the Tax Authority now has detailed information under the FATCA agreement, in which the Israel Tax Authority began transferring information to its American counterpart (IRS) on the financial assets of citizens with an affinity to the US and in exchange for information about Israeli account holders in the US. Transparency is now rising within the framework of the CRS Agreement, which provides for the automatic exchange of information regarding financial accounts of foreign residents in Europe and other countries. At the beginning of the year, the Knesset Finance Committee approved the Income Tax Regulations (Implementation of a Uniform Standard for Reporting and Appraisal of Financial Account Information) – the CRS Regulations, thereby joining the information exchange system between the tax authorities around the world. The CRS regulations are the second and final stage in the process of assimilating the Israeli domestic law of the international obligations for the automatic exchange of information that Israel has taken upon itself and adopting the international standard for the exchange of information. The CRS standard was developed by the Organization for Economic Co-operation (OECD) for the purpose of an automatic exchange of information on an annual basis for mutual assistance in the enforcement of tax between countries. According to the CRS standard, information will be collected by the financial institutions about the financial accounts of residents of a foreign country – individuals and entities. The information will be transferred to the competent authority in the country (in Israel – the tax authority) for the purpose of transferring it to the country of residence of the account holder. The financial institutions that will be required to transfer information to the Tax Authority include bodies dealing with receiving deposits, managing financial assets, holding financial assets for others and investing in them – banks, insurance companies, investment funds and more. The information to be provided will include details about the financial accounts and will include the details of account holders, account balances and financial income received in the account. The information will be transferred via a computerized system developed by the Tax Authority. so what are we doing: Israelis still have a way to discover their assets to declare their undisclosed income and pay the tax derived from them – without anonymity. Provided that it meets certain conditions, including the requirement that the disclosure be complete and in good faith, and that at the time of the request, no investigation or investigation is being conducted by the Tax Authority in the matter of the applicant or an investigation by the Israel Police regarding the property and assets of the taxpayer. I will be happy to help anonymously and confidentially to members of the Group regarding voluntary disclosure with the IRS. Remember that any advice you received earlier supposedly gave you justification to hide and not report … It’s all about you! The counselor gave himself care. You are invited to contact us through the site, in the announcements or in the Watsap 050-9016087

Ido Neumann | Accounting and Financial Planning

As an accountant for self-employed companies and investors, I give the professional answer in terms of taxation, economic conduct, analysis and broad vision. Link to the original post on the US Real Estate Forum on Facebook – working on a desktop computer (to view the post you must be a forum moderator) The original responses to a post can be read at the bottom of the current post page on the site or on the link to a post on Facebook and of course you are welcome to join the discussion

• Link to an article on the subject from Globes https://www.globes.co.il/news/article.aspx?did=100128