Tax Authority Extends Disclosure Deadline

YERUSHALAYIM -

The Israel Tax Authority announced on Thursday the extension of the deadline for voluntary disclosure of unreported capital to the end of 2016, and also applied it to money laundering violations stemming from tax violations, Globes reported.

Since September 2014, the Tax Authority has allowed citizens holding unreported capital an opportunity to report it and pay tax on it without subjecting themselves to criminal proceedings.

“Given the legislation passed by the Knesset classifying serious tax violations as predicate offenses under the Prohibition of Money Laundering Law, in view of the strong response and success of the voluntary disclosure proceeding, and following talks between the Tax Authority and the Ministry of Justice, the Tax Authority hereby announces that it has been decided to extend the deadline for submitting requests under the administrative orders in the proceeding to December 31, 2016.

“According to what was agreed with the Ministry of Justice, the proceeding and administrative orders whose validity has been extended will also include immunity against prosecution for money laundering violations that are predicate offenses stemming from the tax violations to which the proceeding applies. The Tax Authority will accordingly publish a revision of the proceeding in the coming days.”