חוק לתיקון פקודת מס הכנסה (מס' 245), התשע"ח-2018Law to amend the Income Tax Ordinance (No. 245), 2018 · AI translation · suggest a correction

Official summary of the law (Knesset)

The Law to Amend the Income Tax Ordinance (Amendment No. 245), 2018 (hereinafter – the Amendment), was passed in second and third reading on 15 January 2018. The Amendment established the replacement of the existing arrangement for the taxation of family companies, including setting the maximum number of shareholders, the types of non-individual shareholders permitted, the types of assets a family company is permitted to hold, the attribution of income and losses of family companies to shareholders, provisions regarding the sale of shares of a family company, and provisions for cases in which a company ceases to be a family company. A transitional provision was also established regarding the law applicable to companies that were family companies on the eve of the commencement date and that requested, or did not request, to be considered a family company on the eve of the commencement date.

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