Government Uncovers 12 Billion Shekels in Tax Havens

The Israeli Tax Authority’s campaign to locate capital owned by Israeli citizens outside the country has been bearing fruit, Globes reported.

“Despite the tax authority’s voluntary reporting campaign uncovering 12 billion shekels in capital held abroad by Israelis, this is only the tip of the iceberg. We are in constant contact with various bodies to receive further lists of Israeli activities overseas,” Tax Authority head Moshe Asher told the annual STEP (Society of Trust and Estate Practitioners) conference on Tuesday.

Earlier this week, the International Consortium of Investigative Journalists reported on  the large number of Israelis exploiting tax havens, suggesting that the voluntary reporting campaign was not sufficient to access the vast sums of black capital owed the government.

“We are considering renewing the voluntary reporting program beyond this specific campaign,” said Asher. “If you have black money abroad, now is the time to report it.”

Asher added that the tax authority is expanding its search for information about Israelis in Israel and abroad. “The authority is pushing forward legislation about the automatic exchange of information with countries that don’t have a tax covenant with Israel, and making intelligence efforts to locate assets and capital of Israelis in Israel and abroad, and promoting information transfer procedures as part of the US FACTA (Foreign Account Tax Compliance Account).”