חוק לתיקון פקודת מס הכנסה (מס' 272), התשפ"ד–2024Law to Amend the Income Tax Ordinance (No. 272), 2024 · automatic translation · suggest a correction

Official summary of the law (Knesset)

The Law is intended to respond to the recommendations of the Global Forum on Transparency and Exchange of Information for Tax Purposes, operating under the OECD, regarding information on ultimate controlling owners of corporations and on new immigrants and veteran returning residents. The Law requires reporting on controlling owners and their residency within trust reports and the annual report. It also cancels the exemption from reporting income of new immigrants and veteran returning residents, but does not change the tax exemption set out in Section 14 of the Ordinance for a period of ten years. Reports will be allowed in the original language and will be made accessible through translation of forms. In addition, the Tax Authority will be able to transmit identifying information to financial institutions solely for the purpose of implementing international agreements, and will not use it for other purposes.

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