The Knesset Finance Committee has approved new legislation regarding the taxation of foreign securities, meaning than from January 1 2005, they will receive the same tax treatment as Israeli securities.
The new tax legislation will mean that capital gains and interest tax on foreign securities listed on the Tel Aviv Stock Exchange will be cut to 15% from 25%, bringing them into line with domestic listed investments.
The measure was initially scheduled to come into effect in January 2007, but the proposals have been accelerated at the request of the government, by splitting them off from a larger income tax authority bill.
However, discussions have failed to resolve a dispute that has emerged between the banking sector and the government concerning the deductibility of losses accrued in 2003 and 2004.
The second and third Knesset readings of the amendment are likely to be held next week.
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