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.
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