Speaking at a Tel Aviv tax conference on Monday, the Chairman of the Rabinowitz Committee on Tax Reform, Yair Rabinowitz revealed that the Treasury-appointed panel will shortly unveil plans designed to encourage foreign companies to relocate their operations to Israel.
The tax panel chief told delegates that the Justice Ministry had asked him to refrain from announcing the new measures until the territory was removed from the FATF 'blacklist' of countries considered uncooperative in the fight against money laundering, and that as a result, the committee had only made general proposals in its June 12 report.
However, following Israel's removal from the list (alongside Hungary, Lebanon, and St Kitts and Nevis), it's full steam ahead, according to Mr Rabinowitz.
Although the tax reform committee has not yet released a full account of the planned measures, reports in the local media this week have suggested that the proposals are likely to cut taxes for foreign corporations which transfer their headquarters to Israel. A lower tax rate is also expected to apply to company dividends withdrawn from Israel by foreign shareholders.
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