Israeli Prime Minister, Ariel Sharon has given his support to measures suggested by the Rabinovitch committee which would increase Israel's attractiveness to multinational companies.
Earlier this year, the tax reform committee suggested that substantial tax relief should be given to foreign companies which are managed in Israel, but have most of their operations overseas. However, in view of the fact that the country was then trying to secure removal from the FATF's money laundering blacklist, the Justice Ministry asked the committee not to publish the recommendation in its June report.
Despite Israel's subsequent removal from the FATF list, the Justice Ministry has continued to argue that the measure could attract international condemnation. However, Prime Minister Sharon recently called the proposal 'commendable', and has asked for the tax benefits to be advanced.
Reporting this week, the Ha'aretz news service suggested that Sharon's support should mean that plans for legislation will begin in the winter session.
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