Reports reveal: electric vehicles still haven t caught on in Israel
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Tel Aviv seafront penthouse sold for NIS 108m
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Shlomo Eliahu sells 17 Jerusalem of Gold apartments
Eliahu has sold the apartments and other assets around the luxury Jerusalem project for a total of NIS 140 million.
Israel businessman and Migdal Insurance and Financial Holdings Ltd. (TASE: MGDL) controlling shareholder Shlomo Eliahu has sold his remaining holdings in the Jerusalem of Gold luxury apartment project in downtown Jerusalem for NIS 140 million, a source close to the deal has told Globes. Eliahu has sold 17 apartments, a house with a preservation order, a car park with 209 parking spaces, and a 4,000 square meter commercial area.
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The buyer is Hadas Capital, a real estate investment and development company, controlled by Hillel Zuravin and Asher Sebbag. As far as is known, these are Eliahu s last assets in Jerusalem, after he sold the Mount Zion Hotel on Derekh Hebron last year.
Court rulings limit immigrant tax breaks
The Supreme Court has upheld the Israel Tax Authority s narrow approach to exemptions for New Israeli Residents.
Two new court rulings published in Israel in December 2020 cast some light on the interpretation of the tax benefits provided to New Residents (i.e. returning residents to Israel after more than 10 consecutive years of being foreign residents, those who lived abroad for 5 years and returned to Israel between 2007 and 2009, and new immigrants from 1 January 2007).
Israeli tax residents are taxed in Israel on their worldwide income (subject to relevant tax treaties). However, New Residents are exempt from tax and reporting on foreign sourced income and capital gains for a period of ten years. This includes an exemption from the obligation to submit capital declarations. The rules are clear in relation to passive foreign income and gains - for example, foreign investment income, foreign rental income and the sale of foreign assets.