Dear Clients,
We wish to bring to your attention that on April 7th, 2024, the Amendment to the Israeli Income Tax Ordinance (No. 272), 5784-2024 was published, establishing various reporting obligations to the Israel Tax Authority concerning trusts, “New Israeli Residents” and “Veteran Returning Residents”.
One of the main changes approved as part of this amendment – is the cancellation of the exemption from reporting in relation to assets and income outside of Israel, for individuals who are “New Israeli Residents” or “Veteran Returning Residents”. Attention should also be paid to the effective date of this amendment (only starting on January 1, 2026) – which may have significant consequences in regards to the date when individuals living outside of Israel will request to move their place of residence back to Israel.
To read the full update click here.
