Senior Ministry of Immigrant Absorption and Israel Tax Authority officials left Wednesday night on extensive trip to the US, Canada, and Europe to attend meetings to encourage immigration by Jews and Israeli expatriates. The tour is related to the amendments extending extensive tax breaks to olim (new immigrants) and returning Israelis. The officials will outline the benefits on offer, and provide tax advice by accountants and tax consultants traveling with them, and employment opportunities.
The Ministry of Immigrant Absorption and the Tax Authority believe that the tax breaks, combined with the global economic crisis, will persuade a large number of Jews to immigrate and Israeli expatriates to come back home.
Ministry of Immigrant Absorption director general Erez Halfon and Jewish Agency immigration department head Eli Cohen will join the delegation tonight. They are due to be accompanied by representatives of large companies, accountants, tax advisers, and representatives of the health funds. Ministry of Finance director general Yarom Ariav was reportedly due to join the delegation in the US, but cancelled his appearance in order to participate in the negotiations for the pensions safety net.
The delegation, with its dozens of members, will visit large Jewish communities in New York, Washington, Miami, San Francisco, Boston, Chicago, Toronto, and Montreal. It will then go to London and Manchester in the UK, and then to France.
The amendments grant new immigrants and returning Israelis tax exemption on foreign income for ten years. The Ministry of Immigrant Absorption and the Tax Authority initiated the amendments after concluding that tax issue were a primary barrier to immigration. After the Knesset passed the amendments two months ago, the ministry and the Tax Authority decided on the campaign together with the Jewish Agency.
The number of inquiries by Jews and expatriate Israelis to the Jewish Agency has reportedly increased 70% in recent months.
Published by Globes [online], Israel business news - www.globes-online.com - on December 4, 2008
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