חוק לתיקון פקודת מס הכנסה (מס' 223), התשע"ו-2016Law to Amend Income Tax Ordinance (No. 223), 2016 · automatic translation · suggest a correction

Official summary of the law (Knesset)

Income Tax Ordinance (No. 223), 2016 (hereinafter - the Amendment), was passed in second and third reading on 30 March 2016. The Amendment establishes a reporting obligation to the Tax Authority for three additional categories of individuals: The first category - a beneficiary of a foreign trust who is an Israeli resident aged over 25. Henceforth he will be required to report that he is a beneficiary, provided that the value of the trust's assets at the end of the tax year is not less than 500,000 new shekels. The second category - an individual seeking to rebut being an Israeli resident under the presumptions established regarding residency; the report shall specify the facts supporting his claims rebutting the presumption of his being an Israeli resident, and documents supporting his claim shall be attached to this report. The individual's spouse and children are also exempt from filing a report. In addition, the Amendment establishes that such an individual's reporting obligation does not exempt him from a reporting obligation applicable to him as a foreign resident who has income in Israel. The third category - an individual who transferred a total amount of 500,000 new shekels out of Israel within 12 months, for whom it is established that he shall file two reports, the first regarding the year in which the amount, in whole or in part, was transferred out of Israel, and the second report regarding the following year.

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