Amdocs in talks to transfer IP to Israel
The company has sought a pre-ruling from the Israel Tax Authority on the incentives it would receive under the Encouragement of Capital Investments Law.
IT business systems company Amdocs Ltd. (Nasdaq: DOX) is in talks with the Israel Tax Authority about transferring the company s intellectual property to Israel in exchange for tax benefits worth billions of shekels, sources inform Globes.
The tax benefits that Amdocs will receive are anchored in Israel s Encouragement of Capital Investments Law and include a tax rate of just 6%. Corporation tax in Israel is 23% but Amdocs has paid a far lower rate in Israel for many years under the same Law.
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Feb. 25, 2021
The revelation that the government paid out close to a billion shekels ($300 million) in jobless benefits to people who weren’t entitled to them has exposed the serious shortcoming in collecting up-to-date data on the labor market.
Warnings about the problem were made last year by a committee headed by now two former officials, treasury director general Keren Terner Eyal and acting director general of the Prime Minister’s Office, Ronen Peretz. The committee’s report noted that collecting data was “one of the biggest problems in formulating good policies for coping with the crisis.”
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Only Our Friends Pay Taxes | The Jewish Press - JewishPress com | Vic Rosenthal | 10 Adar 5781 – February 22, 2021 jewishpress.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from jewishpress.com Daily Mail and Mail on Sunday newspapers.
Feb. 15, 2021
High-tech executives are warning that the Israel Tax Authority could undermine the work of many of the hundreds of multinational research and development centers in the country if it goes through with plans to revise the way many of them are taxed.
The authority is weighing a plan to stop calculating taxes based on the cost-plus system, in which a fixed rate of profit is derived from the center’s costs. Instead, it would tax them based on their parent company’s global profits and the local center’s estimated contribution to them.
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Israel
By Hamodia Staff
YERUSHALAYIM -
At the entrance to the Tax Authorities offices in Yerushalayim. (Olivier Fitoussi/Flash90)
Tax authorities don’t only take, they also give back.
The Israel Tax Authority (ITA) head Eran Yaakov announced on Wednesday that some 511 million shekels are being refunded to thousands of Israeli businesses.
The decision was in response to the financial hardship suffered in the private sector due to three coronavirus lockdowns, according to The Jerusalem Post.
Most of the amount was reportedly transferred as of Wednesday evening and should appear in the firms’ bank accounts in the coming days.
This is the third in a series of such refunds, which put NIS 1 billion in the pockets of citizens last March, and NIS 345 million in October.