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May 25, 2016 / 17 Iyar, 5776

Posts Tagged ‘taxes’

No Taxation on US Investors Bill Sent to Committee

Wednesday, January 6th, 2016

(JNi.media) The Knesset Plenum gave its initial approval this week to a bill to amend the Israeli Economic Recovery Law so that taxes would not be levied on foreign investors who are US citizens, their spouses or specialists who would work within a company established by the investor, or in an Israeli company where the US national has invested.

The legislation also calls to change the definition of “foreign worker” so that it does not include foreign investors, their spouses and specialists who work on their behalf, who have received visas under the Citizenship and Entry into Israel Law.

The accompanying notes to the bill state that “in accordance with the government’s decision regarding an arrangement for the issuing of temporary residence permits for investors who are citizens of the United States and their essential expert employees, as well as for members of their family, it has been determined that in order for the arrangement regarding the issuing of E-2 visas to Israeli citizens in the United States to go into effect, a similar arrangement must be applied in Israel regarding citizens of the United States.”

21 MKs voted in favor of the bill, five opposed.

JNi.Media

PA Boycott May Boost Rami Levy Sales to Arabs

Monday, March 2nd, 2015

Stores under Palestinian Authority control have officially begun boycotting Israeli products this week.

Among the Israeli companies that PA supervised stores will boycott are Tnuva, Strauss, Elite, Osem, Prigat and Yafora.

Previous calls to boycott Israeli products didn’t fare too well, as Arabs are loathe to give up on Israeli quality food products that they want or need.

This time around, the Palestinian Authority plans to destroy any remaining Israeli products found in PA supervised stores by next week – which means they’ll be sending around their Fatah enforcers to make sure that stores are complying with the decree, whether they want to or not.

The PA says the boycott is in response to Israel withholding the transfer of tax funds, which Israel decided to do after the PA took unilateral anti-Israel steps at the International Criminal Court and the UN Security Council.

Without the tax money, the PA can’t pay their 150,000 civil servants, security personnel and captured terrorists sitting in Israeli jails.

The Rami Levi supermarket chain, which is very popular among Arabs from the Palestinian Authority, may very well pick up a lot of new business as a result of the Palestinian Authority’s actions.

Rami Levy, known for its inexpensive prices, has stores in central locations throughout Judea and Samaria, and one can always see Settlers and Arabs working and shopping together side by side within the stores.

70% of processed foods sold in the PA come from Israel, though those sales make up less than 3% of the market for the Israeli companies.

The Palestinian Authority also doesn’t actually have anywhere near the production capacity to supply enough milk and dairy products to their population without the Israeli company Tnuva supplying their needs.

Despite PA threats, Arabs under PA control haven’t given up their lucrative jobs working for Jews, who pay them two to three time more than jobs they can get within the PA, and the Arabs are not about to stop giving their children milk to drink.

And those same Arabs aren’t about to give up their Israeli Bamba either.

All the PA has done is shoot themselves in the foot… again.

Shalom Bear

Israel Freezes $127 Million in Taxes for PA in Retaliation for ICC Ploy

Saturday, January 3rd, 2015

Israel has frozen half a billion shekels – $127 million –  in tax revenues for the Palestinian Authority in retaliation for Mahmoud Abbas’ seeking membership in the International Criminal Court (ICC), where he plans to sue Israel for war crimes.

The United Nations confirmed it has received the documents for joining, but it will take at least 60 days before membership can be approved. In the meantime, Ramallah, already cash-strapped because it pours its welfare payments from the European Union into private pockets, is going to have scramble elsewhere for the money.

The Israeli government decided on Thursday to freeze the funds collected in December but kept silent until the Palestinian Authority actually went through with its threat to try to join the ICC.

Israel previously has frozen transfers of tax revenues it collects for the Palestinian Authority, the last time being last April when Abbas threatened to join the ICC

The U.S. was unhappy with the Israeli move, and U.S. State Dept. Jen Psaki said that the move was “unfortunate” and that “the regular transfer of the Palestinian Authority’s tax revenues and economic cooperation between Israel and the Palestinian Authority has been beneficial and is important to the well-being of the Palestinian economy.”

This time around, she may button her lip since Abbas has diplomatically spit in the face of her boss by U.S. Secretary of State John Kerry by bursting his illusion of the “peace process.”

Kerry has naively bought the hocus-pocus that the Palestinian Authority is interested in a peace treaty with Israel except on Abbas’ terms, or more accurately, the terms of the Arab world.

After the Security Council rejected the resolution, which the United States voted against, the Palestinian Authority moved in rapid-fire pace on the diplomatic front since its failed attempt to have the United Nations Security Council pass a resolution that would require Israel to agree to hand over the fort – half of Jerusalem, Judea and Samaria – and then actually do so within three years.

Within two days of the Council’s negative decision, Abbas rushed to the United Nations with documents to join the ICC and more than a dozen other international treaties.

It was a step that Abbas has been planning for a long time during the ‘peace talks” charades ballyhooed by Kerry.

It is unlikely that Israel will surrender this time around and turnover the tax revenues to the Palestinian Authority, which can start begging from the nearly bankrupt European Union or from oil-rich Arab states. Qatar used to give money to Hamas in Gaza but not Ramallah.

Gulf States businessmen have invested in private projects in the Palestinian Authority but not in the government.

There is no way Congress will allow more aid to the Palestinian Authority, and it may even place sanctions on it.

Russia’s economy is in a tailspin.

Who’s left?

Assistance from Tehran would expose even more the farce of the entity known, for the time being, as the Palestinian Authority.

Tzvi Ben-Gedalyahu

Hamas Robs Bank of Palestine

Thursday, September 18th, 2014

Ten armed Hamas security men robbed a “Bank of Palestine” branch in the Rimael neighborhood of Gaza City on Wednesday, according to Khaled Abu Toameh.

Fatah (Palestinian Authority) sources said the Hamas terrorists made off with $750,000.

They specifically confiscated money belonging to the Jawwal Cellular Communications Company, claiming the company owed taxes to Hamas.

Jawwal was the first Cellular firm set up in the Palestinian Authority, in 1999.

Jewish Press News Briefs

Lapid Won’t Let Defense Demands Turn Into ‘Turkish Bazaar’

Tuesday, September 16th, 2014

Finance Minister Yair Lapid vows to quit the government rather than raise taxes, an issue being debated as the government considers the budget for 2015, and says he won’t let the defense budget become a “Turkish bazaar.”

Lapid, who chairs the Yesh Atid party, is not willing to quit the coalition without a fight over the issue, however – and certainly not willing to crash the government over it.

“Elections are not a good thing for the state of Israel,” Lapid said in an interview with the Hebrew-language Ynet site. “I’m not afraid of elections, but they’re not necessary.. “

Nevertheless, he said, “I will quit the government rather than raise taxes. I ran with this for office and I said I won’t let it get to a situation in which every time there’s a problem, the government milks the public for all it has.”

At the end of the day, however, it doesn’t seem as though there will be a real problem in getting a budget passed. The kind of wrangling going on over the issue is the same kind of debate that is seen every time a budget comes up for discussion, Lapid said.

“It does not seem to me to be very different to the kind of conduct we’ve seen before every budget passing. I’ve been through a hard budget already with all of the pressures it involved. There are always pressures being put on the finance minister.”

Pressure is one thing, Lapid said, and he understands the defense ministry needs more money to be able to deal with the expenses of this summer’s counter terror Operation Protective Edge. There must also be a budget to pay for defense against other enemies, and to deal with the issue of possible return shelling and rocket attacks, and terrorists rebuilding tunnels in Gaza.

Yes, he acknowledged, “We need money for that. But I won’t let it turn into a Turkish bazaar. I want to give you all the money we have, but I can’t give you money we don’t.”

Hana Levi Julian

Rockets and Fighting Generate Financial Loss

Wednesday, July 9th, 2014

Israel’s Tax Authority announced yesterday (Jul. 8) that over 100 claims have been made so far as a result of damage caused by the rockets in the south, totaling at 10,000,000 NIS.

The Tax Authority has sent out their appraisers to provide initial assistance to citizens whose property has been damaged by the fighting.

At least 35 cars were destroyed, 52 structures were damaged and 12 claims were made regarding damage caused to agriculture. Further damage was caused to municipal property and infrastructure.

Two families whose homes were severely hit were evacuated to hotels.

Aryeh Savir, Tazpit News Agency

Report: Bank Leumi to Pay NIS 1 Billion in Fines to US for Suspected Money Laundering

Sunday, June 8th, 2014

According to a report that appeared in the Israeli Channel 2 news site Mako, Bank Leumi will be required to pay NIS 1 billion in fines to the US for suspected money laundering at its American branches.

The claim is that the US branches may have made transactions on American client’s accounts in the US branches, but not all taxes were paid as required by law.

The bank’s directors held a special meeting yesterday to agree to a compromise agreement with the US government, and pay the fine.

Banks not just in Israel but around the world are also under investigation by the US government for suspected money laundering, in violation of new US laws.

Credit Suisse was recently fined $2.5 Billion USD.

The Mako report states that Mizrachi-Tefachot and Poalim may also have to pay fines.

Jewish Press News Briefs

Printed from: http://www.jewishpress.com/news/breaking-news/report-bank-leumi-to-pay-nis-1billion-in-fines-to-us-for-suspected-money-laundering/2014/06/08/

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