BREAKING NEWS

Steinitz backs down on corporate trapped profits

By KOBY YESHAYAHOU/ GLOBES

JUNE 19, 2012 16:39

Finance Minister Yuval Steinitz announced Tuesday that he will issue a directive granting tax breaks for billions of shekels in trapped profits of multinational corporations. Companies will pay a rate of 10-25% rather than 15-30% on the profits, depending on their tax plans.

Trapped profits are tax exempt profits made in Israel, until the money is transferred abroad. The assumption is that the capital will be invested in Israeli operations. The directive states that companies which received a tax exemption under the old Law for the Encouragement of Capital Investment will pay taxes on these profits.

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