Israel: CRS implementing regulations advance, approved by Knesset
Israel: CRS implementing regulations advance
The Knesset Finance Committee in early January 2019 approved measures to implement the common reporting standard (CRS) regulations in Israel.
Although the regulations must still be approved by the Ministry of Finance, many Israeli financial institutions need to consider preparing to implement the CRS regulations and to begin to prepare for reporting their customers who are reportable persons and reportable accounts for the years 2017-2018.
According to the CRS regulations (as approved by the Knesset Finance Committee):
- Israeli financial institutions would be required to complete the 2017 reporting by 23 June 2019, and the 2018 reporting by 8 September 2019.
- Financial institutions that have found that they do not have reportable accounts in a certain year would be required to file a "nil" report for that year, stating that they do not have any reportable accounts.
- Israeli financial institutions would be required to send letters to their relevant account holders regarding the expected transfer of their financial information.
There is a list of countries with which Israel is expected to exchange financial information (that is, reportable jurisdictions for 2017 and reportable jurisdictions for 2018). The information is available on the Israeli CRS website (in Hebrew at this time only).
For more information, contact a KPMG tax professional in Israel:
Zevy Reich | +972 3 684 8000 | zreich@kpmg.com
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