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| Israel tax issues for January 2018

Zev Stub    
Thursday, 11 January 12:50 PM
Published by Binyamin Radomsky of Aboulafia Avital Shrensky & Co
There are a number of important steps that are required / may need to be taken during January for Israeli taxpayers:
(1)    Those who are registered as osek patur must report their 2017 income (before expenses) by 31 January 2018. We recommended filing online here: Alternatively, you can report using the report that would have been received in the mail, or ask one of our members of staff to assist. The income limit was NIS 98,707. If you went over the limit, please contact us immediately. The 2018 limit has increased to NIS 99,003.

(2)    Anyone who is not filing a full tax return, but is paying the 10% on Israeli residential property income, must file the report and pay the tax due by 30 January 2018. This can be done online here: Alternatively, please contact one of our staff to assist you.

(3)    If you file a full Israeli tax return for the 2017 tax year and expect to owe tax, interest and inflation charges are charged on the balance due from 1 January 2018. However, as an incentive to pay the tax early, interest and inflation payments are waived for any payments made in January. 50% of the interest and inflation is waived on February payments and 25% is waived on March payments. If you would like our assistance with a projection of tax due, please contact one of our staff.
Contact  Aboulafia Avital Shrensky & Co at 02-651-5155 (Jerusalem), 03-537-0080 (Tel Aviv)
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