Speaking to executives at the Israeli European Business Forum on Monday, Prime Minister Ariel Sharon announced that the government intends to extend a tax advantage previously only available to foreign investors to Israeli venture fund investors.
At the moment, only foreign investors are exempted from capital gains tax on venture investments, following an agreement made by the Israel Venture Association and the Income Tax Authority in October. However, the Israeli Prime Minister now feels that local investors should share the tax break: 'The Israeli venture capital investors should be given the same benefits granted recently to foreign investors in local funds,' he told the forum.
The new move, which Mr Sharon has already discussed with Finance Minister Silvan Shalom, has been welcomed by Israeli venture capitalists. 'This is an extremely positive move by the Prime Minister and in today's environment would make a lot of sense,' Alan Feld, senior partner at Jerusalem based venture capital fund, Israel Seed Partners, commented earlier this week. According to Mr Sharon, Israeli investment in local startups has dropped by over 60% this year as a result of the economic slowdown and recent world events.
.
Network Tweets
Network BlogsContent
provided by
|
Archive | Resources | Partners | Site Map | Links | Newsletter Archive | Contact | RSS Feeds | About | Syndication | Advertising & Marketing | Recruitment | Terms & Conditions | Privacy & Cookies
Copyright © 2012 - All Rights Reserved - Tax-News.com
IMPORTANT NOTICE: Tax-News.com has taken reasonable care in sourcing and presenting the information contained on this site, but accepts no responsibility for any financial or other loss or damage that may result from its use. In particular, users of the site are advised to take appropriate professional advice before committing themselves to involvement in offshore jurisdictions, offshore trusts or offshore investments.
Write a comment