Banks in Israel and Tax Compliance

The Bank of Israel joined the global fight against tax evasion and sent recently to Israeli banks a draft practice concerning their clients who are foreign residents. The draft practice, sent by the Supervisor of Banks David Zaken, requires Israeli banks to receive from their foreign clients a singed declaration that they have paid tax on the income, generated in their Israeli bank accounts, in their country of residence. It seems that the new procedure will cause foreign residents to withdraw their money from Israeli banks. For more information, see: Israeli Banks and Tax Compliance

See also:

Israel will Exchange Information on Bank Accounts

Israel and U.S. Sign FATCA Agreement

Israeli Banks and Foreign Residents

Dr. Avi Nov, Adv.