Tips for the end of 2017 Don't Miss

 

Dear Clients,

We are pleased to distribute the Annual Professional Circular for 2017, to help you prepare for the end of the year, and the beginning of the next year.

The year 2017 brought significant changes in all tax areas that require an advance preparation and planning.

Listed below- a summary of the main developments and changes that have occurred over the past year. For further details, please see the information in the relevant sections.

We hope that this Circular will help you make decisions and plan your business activities.

Out of concern for a green environment, we have chosen this year to send the Circular as an electronic edition only. 

 This circular contains onle the important points. To read the Circular in English, click here

For full details, please refer to the hebrew circular

 We are at your service for further information.

Given the complexity of some of the issues, we recommend consulting with our office before carrying out any actions.

Do not rely solely on this circular or make any use of its contents in any way whatsoever without seeking appropriate professional advice. The purpose of this circular is to draw your attention to that which is said therein.

 

Law on Mandatory Pension for the Self-Employed

Law on Mandatory Pension for the Self-Employed

As of January 2017, legislation took effect obligation self-employed people to contribute to a pension plan.

The obligation to contribute applies to every self-employed person over the age of 21 and up to the age of early retirement.

The payments should be made immediately.

For the full details click here 

 

 

 

Client Memorandum – January 2017

 

We wish to present to you this professional circular for 2017

  1.  Tax prepayment on rental income of a residential unit in Israel at the rate of 10% of turnover.
  2.  Payment of the balance of the expected tax for Year 2016.
  3.  Payment of annual fee to Companies Registrar.
  4.  Amounts and updates for tax calculation for Tax Year 2017.
  5.  National Insurance fee updates for employers.
  6.  Extension of deadline for tax adjustment approvals.
  7.  Arrangements Law - Legislative Amendments to Achieve Budget Goals for Budget Years 2017 and 2018.

For full details, please refer to the English Circular

 

Tips for the end of 2016 - Don't Miss

 

Dear Clients,

We are pleased to distribute the Annual Professional Circular for 2016, to help you prepare for the end of the year, and the beginning of the next year.

The year 2016 brought significant changes in all tax areas that require an advance preparation and planning.

As of writing this circular, has not yet completed all the legislative issues raised in the Economic Arrangements Law, best to be updated with our circulars, which will be distributed upon completion of this legislation.

Listed below- a summary of the main developments and changes that have occurred over the past year. For further details, please see the information in the relevant sections.

We hope that this Circular will help you make decisions and plan your business activities.

Out of concern for a green environment, we have chosen this year to send the Circular as an electronic edition only.

This circular contains only the important points. To read the Circular in English, click here

For full details, please refer to the Hebrew circular

 We are at your service for further information.

Given the complexity of some of the issues, we recommend consulting with our office before carrying out any actions.

 

Do not rely solely on this circular or make any use of its contents in any way whatsoever without seeking appropriate professional advice. The purpose of this circular is to draw your attention to that which is said therein.

 

Newsletter of IAPA International

Dear customers

As a part of a global society - we're happy to send you selected pages from a Newsletter of IAPA International - News from Israel, Stark & Stark.

Click here to enter the pages

New Immigrant/ Senior Returning Resident

 

If you are still within the 10 years tax exemption or you are at the end of the exemption period – don’t miss out on your tax benefits!

For the full explanation click here

Another opportunity for submitting voluntary disclosure applications – up to the end of 2016

 

The deadline for submission of applications for voluntary disclosure is December 31st 2016. Don’t miss out!!

The Authorities announced that the temporary provisions include immunity from prosecution for offenses as listed in the Anti-Money Laundering Act of the 2000.

As part of the voluntary disclosure procedure 5,131 requests have been filed showing capital of about 17.5 billion shekels.

We recommend that anyone who has not yet reported their income and assets in the country and abroad take this opportunity and do so before criminal charges are brought against them.

Here are our reminders published in our circular on 09/23/14:

Voluntary disclosure procedure allows applicants to disclose income and capital on their own accord that were not reported in Israel and abroad to the Israeli tax authorities and pay the taxes due in Israel and therefore avoiding criminal proceedings against those who perform the procedure of voluntary disclosure as follows:

As part of the new procedure and in light of the experience gained from the previous Temporary Regulation in 2011 for the discovery of the income and wealth of Israelis abroad, including, in addition, a temporary regulation of one year from the date of publication, designed to facilitate the application of voluntary disclosure and in particular:

  1. Anonymous application: this path enables submitting preliminary stage applications without specifying the details of the taxpayer to determine the tax liability arising from the request. After the clarification of the expected tax liability, the applicant will be required to specify the name of the taxpayer and full details.
  2. Fast Track: when the total capital included in the request does not exceed 2 million shekels and taxable income arising from it does not exceed 0.5 million, an applicant can apply for the shortened track facilities together with relevant tax reports. If the application is approved, a payment voucher will be issued to the applicant. If the coupon is paid on time, a message will be sent to the applicant that no criminal investigation will opened regarding the information provided.

Our firm has extensive experience serving and handling requests for voluntary disclosure.

IAPA’s quarterly newsletter – featuring Stark and Stark’s activities (2)

IAPA's quartely newsletter featuring Stark & Stark's activities

 

For the newsletter, click here

 

The Gatekeepers Are Not Guilty

The Gatekeepers Are Not Guilty

 

Accountants warn when there is concern that a company will experience difficulties.  When there is deceit we are not guilty

Iris Stark, CPA  10/5/16

For the full article click here

Allinial Global and IAPA International Sign Letter of Intent to Combine Forces

Combination of U.S.- and U.K.-Based Associations Would Create World’s Third Largest Powerhouse of Independent Accounting and Consulting Firms

To read the full article please click here

 

IAPA’s quarterly newsletter – featuring Stark & Stark’s activities

 

IAPA’s quarterly newsletter – featuring Stark & Stark’s activities

 

To read the newsletter please click here

Tips for the end of 2015 - Don't Miss

 

We are pleased to distribute this professional circular to help you prepare for the end of the 2015 and the start of the 2016 tax years. This circular contains only the important points. To read the circular in English, click here

For full details, please refer to the Hebrew circular, click here

 

Iris and Moshe Stark at IAPA conference in Hong Kong

 

 

Stark and Stark, represented by Iris and Moshe Stark, was among more than 75 global members from 48 accounting firms attending IAPA’s International Conference held in Hong Kong, 15-18 November.  Stark and Stark is a member of IAPA, a top 10 international association of independent accounting and business advisory firms with over 200 member firms in more than 65 locations.

 

To read the full press release, please click here

 

Making Israel's third sector more transparent

 

"22,000 NPOs operate in Israel, and the time has come for new arrangements to increase transparency, says Iris Stark CPA."


To read the full article published by Globes press here


Our office provides Internal and External Audit services, Investigative auditing for non-profit organizations as required by the goverment and assists recuperation plans.

Checked a box?- US and Israeli tax needs

 

According to the agreement to improve international tax compliance and implement the FATCA (Foreign Accounts Tax Compliance Act) legislation, the Israeli Tax Authority will begin transferring information to the IRS on September 30, 2015.

 

Press here to read the full article.

 

 

Changes in appointing internal auditors in NPO's

"The end to taking advantage of breaches in NPO's:
new legilation that broadens and strengthens the Internal Auditors as gatekeepers of NPO's.The objective: increasing transparency and removing suspicion and the stains tarnishing many NPO's"


To all Executive Committees, Audit Committees and senior executives in Non-Profit Organizations, it is recommended to read Iris Stark's position paper on the issue - It's legal mandatory!


Press here to read the paper.


Our office provides Internal and External Audit services, Investigative auditing for non-profit organizations as required by the goverment and assists recuperation plans.

 

 

Increase in Purchase Tax for Real Estate Investors

 

Increase in Purchase Tax for Real Estate Investors as of July 1, 2015

On June 15, 2015, the Knesset passed the first reading of the proposed law regarding raising the purchase tax on theacquisition of second and additional apartments. This tax reform is part of the new government tax policy.

Currently – as of August of 2013 – the purchase tax on the acquisition of second or additional apartments starts at 5% up to a value of NIS 1.162 million, and increases gradually (6%, 7%, 8%) up to 10% on the portion of the value above NIS16 million.

According to the new law, as of July 1, 2015, the purchasetax on the acquisition of second or additional apartments will be at the rate of 8% on the portion of the value up to NIS 4.8 million, and 10% above this amount.

The new law is expected to pass second and third readings in the Knesset within the next few days.

We recommend that clients who are in the process of purchasing second or additional apartments finalize the purchase transaction – signing of the contract – before end of June 2015.

Should you have any queries, we will be pleased to offer you our best services.

The Law for the Change of National Priorities

Dear Clients,

On August 5, 2013, the Law for the Change of National Priorities (Legislation Amendments for Achieving the Budgetary Targets for the Years 2013 and 2014), 2013 was published ("the Law" or "the Amendment"). The aim of the law is to lead to the regulation of the fiscal position of the Israeli economy, and to strengthen economic growth, while changing the national priorities, narrowing gaps, increasing employment levels and productivity levels in the economy, increasing competition and reducing the cost of living, improving the efficiency of the public sector and improving tax collection, with the goal of staying within the deficit ceiling and the government spending limit in each of the years 2013 and 2014, all in accordance with the budgetary goals and economic policy for these years.

The Law includes a variety of topics, but this circular relates only to the main tax implications that are relevant to our clients.
The Law comes into effect on August 1, 2013 (effective date), unless otherwise stated.
This is a link to the law (in Hebrew): Hebrew version
The contents of this circular are only a summary and should not be relied upon without obtaining professional advice.
Should you have any questions or require any further clarification, please do not hesitate to contact us.

Download File

Circular to Clients 2013

 

Dear Clients,

We are pleased to distribute this professional circular for 2013, to help you prepare for the end of the year and the start of the next year.

The Changes in National Priorities Law (Legislative Amendments for Achieving Budgetary Goals for the years 2013 and 2014), 2013 (“the Arrangements Law”) includes Amendment 197 to the Income Tax Ordinance (New Version), 1961 (“the Income Tax Ordinance”), which stipulates a number of substantial changes in Israel’s tax laws. These changes call for careful consideration with regard to our actions and the reports we are required to make, and to plan our next steps.

We hope that this circular will be of great help to you in your decision-making and planning your business activities.

Please visit our website at www.starkcpa.com.

As always we are at your disposal and would be happy to provide further information.

Due to the complexity of some of the issues, we suggest that you consult with our firm before taking any action.

Yours sincerely,

Stark & Stark

Certified Public Accountants

Do not rely solely on this circular or make any use of its contents in any way whatsoever without seeking appropriate professional advice. The purpose of this circular is to draw your attention to that which is said therein.

Download File

Voluntary Disclosure of Assets and Income from abroad

 

Dear Friends,

 

Voluntary Disclosure of Assets and Income from abroad

These days the tax authority began operations against Israeli residents who have unreported income from financial assets and real estate assets abroad, and were not reported during the voluntary disclosure program which included significant tax relief.

Therefore we recommend entering the normal process of voluntary disclosure to avoid the enforcement of criminal procedures.

According to Israel's Tax Authority director Moshe Asher "During the voluntary disclosure program we have discovered NIS 12 billion of Israeli Residents unreported capital from abroad". The Tax Authority is seeking information on Israeli money overseas through collaboration and information sharing with other countries using different frameworks such as the American FATCA (Foreign Account Tax Compliance Act). It was decided to promote international information sharing agreements to uncover black capital in the world." The Tax Authority is promoting legislation for exchanging information automatically with countries that don't have tax treaties.

Moshe Asher said that the Tax Authority will fight black capital by setting up a unit of analysts, which will crosscheck information between all the relevant databases.

We want to remind you that this is the time to declare all unreported income and assets from abroad. We are in direct contact with the tax authorities to catch up with the changes expected, including easing the process of voluntary disclosure.

We will be pleased to be at your service for any question and/or further clarification.

We are fully qualified to handle this matter.

 

Sincerely,

Stark & Stark

Certified Public Accountants