The Israel Tax Authority is giving Israelis with unreported capital nine more months to join the voluntary disclosure program, in order to avoid criminal proceedings. The plan had been set to expire at the end of September but will now remain in effect until June 30, 2016.
Over the past year, 3,832 requests for voluntary disclosure were filed - 2,371 anonymously, 939 in the fast track process and 522 in the regular track - revealing aggregate capital of NIS 10.6 billion that has now entered the Israel Tax Authority's regular reporting system.
The decision to extend the voluntary disclosure deadline followed the great success of the program so far and an agreement reached between the Ministry of Justice and the Israel Tax Authority. The Israel Tax Authority first announced on September 6 that the program would be extended.
The program has also cancelled the requirement for applicants to make a major tax payment. Anonymous taxpayers will now be allowed to resubmit applications that were previously rejected on these grounds.
The Israel Tax Authority is headed by Moshe Asher.
Published by Globes [online], Israel business news - www.globes-online.com - on September 21, 2015
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