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“A billion here, a billion there, pretty soon it adds up to real money.”
As of Sunday morning there are no assessment hearings, and for several weeks no taxation abroad is being certified, no tax withholding on transactions in Israel, and 7,000 real estate transactions are delayed.
Israel's Tax Authority, like the IRS, is hunting citizens' foreign assets.
The Israel Tax Authority has reached agreement with the U.S. to coordinate info between the IRS and Israeli banks.