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
© 2018 KPMG International Cooperative (“KPMG International”), a Swiss entity. Member firms of the KPMG network of independent firms are affiliated with KPMG International. KPMG International provides no client services. No member firm has any authority to obligate or bind KPMG International or any other member firm vis-à-vis third parties, nor does KPMG International have any such authority to obligate or bind any member firm. All rights reserved.
The KPMG logo and name are trademarks of KPMG International. KPMG International is a Swiss cooperative that serves as a coordinating entity for a network of independent member firms. KPMG International provides no audit or other client services. Such services are provided solely by member firms in their respective geographic areas. KPMG International and its member firms are legally distinct and separate entities. They are not and nothing contained herein shall be construed to place these entities in the relationship of parents, subsidiaries, agents, partners, or joint venturers. No member firm has any authority (actual, apparent, implied or otherwise) to obligate or bind KPMG International or any member firm in any manner whatsoever. The information contained in herein is of a general nature and is not intended to address the circumstances of any particular individual or entity. Although we endeavor to provide accurate and timely information, there can be no guarantee that such information is accurate as of the date it is received or that it will continue to be accurate in the future. No one should act on such information without appropriate professional advice after a thorough examination of the particular situation. For more information, contact KPMG's Federal Tax Legislative and Regulatory Services Group at: + 1 202 533 4366, 1801 K Street NW, Washington, DC 20006.