The Israeli Finance Ministry has made a number of changes to the tax reform bill currently going through parliament, following consultations with representatives from the tax and legal professions.
Responding to objections from the Institute of Tax Advisors, Israeli Tax Authority senior deputy director of professional matters, Jackie Matza told the Knesset Finance Committee that tax hikes on individual deposits and capital gains will be offset by a widening out of the income tax brackets, beginning in 2006, according to the Israeli business daily, Globes.
The report also stated that Matza has announced plans to recognize real losses on securities transactions, and to allow taxpayers with accumulated losses on securities traded on foreign bourses to deduct these losses from capital gains on the Tel Aviv Stock Exchange (TASE). This deduction will also apply to exchange traded funds (ETFs) traded on the TASE. These changes are set to be introduced in 2007.
It is expected that further amendments will be made to the tax bill after the Tax Authority has consulted with the Israel Bar Association, Association of Certified Public Accountants in Israel, Institute of Tax Advisors in Israel, and business representatives.
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