Alon Kaplan and Lyat Eyal

Alon Kaplan, Lyat Eyal and Meir Linzen

Alon Kaplan and Lyat Eyal

Freedom of succession has created many discussions over the past few months for estate and trust professionals. This is mainly due to the EU Regulation, which for many is a significant development towards freedom of succession. Israel is a country of immigration and emigration. As movement of individuals between different jurisdictions is relatively simple, and the global world is relatively small, individuals tend to travel, and change their jurisdiction of residence (or domicile, as the different jurisdictions may permit), with assets and family members in different countries subject to different laws. This makes estate planning and, later, implementation of the plan complicated. The EU Regulation aims to resolve some of these issues.

Alon Kaplan and Lyat Eyal

This article treats the Israeli Hekdesh coupled with an Israeli underlying company as a foundation. It summarizes the taxation of foundations and trusts in Israel, as well as the main provisions of the relevant legislation as revised in 2013 which is now final and effective. The article then continues to discuss the appointment of protectors under Israeli law. Finally, the article provides for an interpretation of the arbitration law as it relates to foundations and trusts.

Alon Kaplan & Shlomo Kerem

Alon Kaplan and Lyat Eyal

Alon Kaplan and Lyat Eyal

Autumn 2014, Vol. 27, No.2

Alon Kaplan, Lyat Eyal and Shai Dover

The long awaited publication of the voluntary disclosre procedure in Israel came to light on 7 September 2014. As the global trend evidences, this procedure provides taxpayers with the opportunity to disclose unreported income and assets. There are a number of thresholds to pass in order to be eligible for the proceudure, as listed below: Applications are to be submitted to the Deputy Director for Investigation and Intelligence Unit at the Israel Tax Authority who is solely authorized to approve them. Each application will include all relevant information, including, inter alia, applicant’s name, relevant tax years, source of income, details of the amount of unreported income, and estimated tax payment. Once the application is approved, it is referred to the relevant assessment officer who determines the tax liability, including taxes owed, linkage, interest, and civil fines. Upon the…

Alon Kaplan and Lyat Eyal

The summer of 2013 marked a change in Israel’s tax laws, most significantly as they relate to the taxation of trusts and real estate transactions. The Law on the Change of National Priorities (or more commonly known as the ‘Arrangements Law’), passed for budget purposes, amended various laws, including the Income Tax Ordinance [5721] 1961. This article summarizes the amendments regarding the new taxation affecting both Israeli as well as foreign trusts and foundations and the specific changes to real estate taxation for non-residents. The amendments in these two areas are of importance to non-residents as they henceforth may be subject to taxes in areas in which they were previously entitled to exemptions

Alon Kaplan Lyat Eyal and Shai Dover