The tax authority in Israel this week announced the signing of a multilateral agreement for the automatic exchange of country-by-country (CbC) reports and of common reporting standard (CRS) information. Legislation to implement these measures is pending in the Knesset.
Last year’s budget bill included provisions for implementing the CbC reporting requirements. However, the CbC provisions were pulled from the budget bill and were then set to proceed through the Knesset as a stand-alone bill. While the CbC reporting legislation is currently pending before the Knesset, assuming enactment in 2017, the measures would apply to FY 2016 information (in other words, the first date of transfer of CbC reporting information would cover FY 2016 information).
Read the tax authority’s release (Hebrew) as issued on 22 May 2017.
For more information, contact a tax professional with the KPMG member firm in Israel:
Dina Pasca-Raz | +972 3 684 8000 | firstname.lastname@example.org
John Fisher | +972 3 684 8000 | email@example.com
Asaf Leshem | +972 3 684 8000 | firstname.lastname@example.org
David Samson | +972 3 684 8970 | email@example.com
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