Israel moves ahead on OECD acceptance

Israel completed the first stage of the application process, and moves to detailed talks.

Sources inform ''Globes'' that, on Friday, the OECD approved the first stage of Israel's ascension to the organization and Israeli teams are now preparing for the second stage. In the first stage, Israeli teams submitted a preliminary memorandum summarizing Israel's position with regard to 250 legal instruments that underpin the OECD's socioeconomic issues, and to various OECD rules.

The OECD accepted the memorandum and returned it with comments and requests for clarifications, including on tax issues. On Friday, the OECD notified that it accepted the revised memorandum and that Israel could proceed to the next stage: specific discussions by the teams on taxation, regulation, environment, energy, labor, welfare, and other issues.

Eight hearings for this purpose have been scheduled through the end of 2008. OECD delegations will visit Israel to discuss each issue with the Israeli teams. The delegations will also review the application of the legal rules used in Israel.

In early May 2008, Minister of Finance Ronnie Bar-On said, "I believe that Israel will complete the ascension process by the end of 2009."

In May 2007, OECD Council of Ministers invited Israel to begin the ascension process to join the organization.

Published by Globes [online], Israel business news - - on August 4, 2008

© Copyright of Globes Publisher Itonut (1983) Ltd. 2008

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