Israeli Tax Alerts | Practical Interpretations | 2008-2020

220 aspects which arise from it. In the process, an examination is conducted, regarding the origin of the disclosed assets and the taxation in Israel of the foreign assets and the yields resulting from it over the years. Your attention please: It is specifically mentioned in the Temporary Provision that: "An application which does not meet the criteria… shall not be handled according to the Temporary Provision. Nonetheless, the information given within the application would not be utilized on a civil or criminal level." We urge any taxpayer or practitioner who finds it useful, to examine this issue and to take advantage of the window of opportunities in order to benefit from significant tax reliefs. Our office has filed numerous applications concerning of voluntary disclosure procedures. In case you have any questions or need further clarifications please do not hesitate to contact us. (December 2011) The "Belt" Around Israelis Possessing Properties Overseas is Tightening The State of Israel has signed more than 50 tax treaties with other countries, within which there is usually a clause dealing with exchanges of information, to the extent that the information is required for executing the provisions of the treaty or application of internal law dealing with taxes that are covered by the treaty. Besides exchange of information within information exchange clauses in tax treaties, there are additional arrangements that have been formed in recent years that deal with exchanges of information on tax issues - the Convention on Mutual Administrative Assistance in Tax Matters, which Israel has not signed for the time being. In addition, in recent years, tax information exchange agreements - TIEAs have been signed on tax affairs, including with countries that are considered to be tax havens. Israel has declared its intention of signing information exchange agreements with other countries with the intent of gathering information on income and assets of Israelis overseas, in view of the increasing trend in Israel and in the world to combat tax evasion. Information that is gathered by the ITA is subject to a duty of confidentiality, and may be disclosed only to a country that has signed a tax treaty with Israel. In order to be prepared for the possibility of providing information to countries that have not signed a tax treaty with Israel (for example, information exchange treaties, or the FATCA Agreement, if signed), a bill has been introduced that will enable the disclosure of information in such circumstances, and conditions have been prescribed for such