Your Taxes: Take a break

The Israel Tax Authority has extended the March monthly income-tax and VAT reporting date from April 15 to April 18.

By LEON HARRIS
April 16, 2013 21:57
2 minute read.
An accountant [illustrative photo]

An accountant calculator taxes 370. (photo credit: Ivan Alvarado / Reuters)

 
X

Dear Reader,
As you can imagine, more people are reading The Jerusalem Post than ever before. Nevertheless, traditional business models are no longer sustainable and high-quality publications, like ours, are being forced to look for new ways to keep going. Unlike many other news organizations, we have not put up a paywall. We want to keep our journalism open and accessible and be able to keep providing you with news and analyses from the frontlines of Israel, the Middle East and the Jewish World.

As one of our loyal readers, we ask you to be our partner.

For $5 a month you will receive access to the following:

  • A user experience almost completely free of ads
  • Access to our Premium Section
  • Content from the award-winning Jerusalem Report and our monthly magazine to learn Hebrew - Ivrit
  • A brand new ePaper featuring the daily newspaper as it appears in print in Israel

Help us grow and continue telling Israel’s story to the world.

Thank you,

Ronit Hasin-Hochman, CEO, Jerusalem Post Group
Yaakov Katz, Editor-in-Chief

UPGRADE YOUR JPOST EXPERIENCE FOR 5$ PER MONTH Show me later Don't show it again

This week, Israel celebrated Independence Day, which is a bittersweet experience, coming right after Remembrance Day. In view of this, the Israel Tax Authority has extended the March monthly income-tax and VAT reporting date from April 15 to April 18. This also applies to National Insurance Institute payments.

Extensions have also been announced for filing the 2012 annual income-tax returns by individuals.

When is the filing deadline?


Be the first to know - Join our Facebook page.


The usual filing deadline is May 31 for online filers and for businesses required to keep double-entry books and April 30 for other individuals.

Time extensions for filing can be requested from the ITA if you have a good reason.

The ITA has just announced a one-month reprieve. Online individual filers now have until June 30 to file their 2012 tax returns. Other individuals required to file a 2012 tax return must do so by May 31.

Alternatively, most accounting firms are allowed to spread out the filing of their clients’ tax returns over a longer period, without providing reasons, according to a special arrangement between the ITA and the Institute of Certified Public Accountants in Israel.

Who must file online?


Online filings are required from you if are required to file a tax return and any of the following also apply in the year: if you have income from a business, employment or agriculture; if you sold a non-exempt Israeli real-estate interest and didn’t pay tax at the maximum rate; if you are a 10%-or-more shareholder in a controlled foreign company (see below); if you carried out a reportable tax planning act; or if the ITA requested it. Even if you are required to file online, you must still file the return online as well as the oldfashioned way (on paper).



Notwithstanding the above, no online filing is needed in the following cases: (1) if you and your spouse have reached retirement age (generally 67 for men, 64 for women); or (2) you are a 10%-or-more shareholder in an Israeli company; or (3) you claimed a “negative income tax” benefit; or (4) if you and your spouse had a low income in 2012 (we await publication of the amounts).

Who must file a tax return?


There are detailed regulations regarding filing tax returns, and they are updated annually. However, the ITA hasn’t yet issued its annual publication “Know Your Rights,” which would specify who must file an annual personal tax return for 2012. We will revert to the tax-return question when we know more.

As always, consult experienced tax advisers in each country at an early stage in specific cases.

leon@hcat.co

Leon Harris is a certified public accountant and tax specialist at Harris Consulting & Tax Ltd.

Related Content

The Teva Pharmaceutical Industries
April 30, 2015
Teva doubles down on Mylan, despite rejection

By GLOBES, NIV ELIS