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Israel Gives Trade Time to Come Clean
Jan 1, 2017 8:03 AM
By Rapaport News
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RAPAPORT... Diamond companies in Israel have been granted another two
months to voluntarily disclose their assets, inventory and unreported income to
the Tax Authority.
Firms have until the end of February to submit the full
report of disclosures, as long as they declared their intention to do so by
December 29, the Israel Diamond Exchange and Israel Diamond Manufacturers
Association said in a letter to traders. Additional seminars are being held in
the bourse to clarify what’s required of businesses, with a special emphasis given
to inventory valuations.
The industry hopes the scheme will end the long-running
investigation by the Tax Authority into the trade’s activity. Last month, the Israel
diamond trade signed an agreement with the Tax
Authority to change the way companies are taxed. Whereas the calculation was
based on revenue before, it will be based on profit from 2018. |
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Tags:
IDE, IDMA, Israel, Israel Diamond Exchange, Israel Diamond Manufacturers Association, Israel Tax Authority, Rapaport News, tax
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