Tax News from Israel with Deputy Director Gidi Bar Zakai

In recent tax news from the Israeli Tax Authority with Deputy Director Gidi Bar Zakai, the government approved significant chances at the end of 2011 that became effective on January 1, 2012. The corporate income tax rate, which was at 24%, was increased to 25%, although there had originally been a plan to reduce the rate to 23%.

Similarly, the Tax Authority with Gidi Bar Zakai increased the capital gains tax to 25% from the 20% rate where it had previously been.  For major shareholders, this rate would increase from 25% to 30%.  In addition, a 2% tax was also imposed on those people who have an annual income that is over IS 1 million.




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