Public Consultation on Carbon “Tax” on Imports to the EU

Dear clients, colleagues and friends, The European Commission recently published a consultation on the possible adoption of a Carbon Border Adjustment Mechanism (CBAM). The consultation is open for public feedback until 28 October, 2020. View the consultation published on the Commission’s website >> Click Here The proposed mechanism is designed to ensure that the price […]

Herzog’s client Augury secured $55 million in a new funding round

Our client Augury, a leading provider of AI-based Machine Health solutions, secured $55 million in a new funding round. Qumra Capital led this Series D round with participation from existing investors, including Insight Venture Partners, Eclipse Ventures and others. Augury enables digital transformation by providing its customers—some of the world’s largest manufacturers—with visibility and insights into the health […]

Papaya Global has completed another funding round, led by our client Scale Ventures

In times like this, some companies find their strengths. Papaya Global has completed another funding round, raising a total of 40M dollars, led by our client Scale Ventures. Papaya Global develops automated payroll systems and other HRIS tools, which help companies manage their workforce, especially while so much are working remotely. Head of Hi-Tech Department Hanan Haviv and […]

Client Update: Master File and CbCR in Israel, Implementation of BEPS Action 13

The Israeli Ministry of Finance and the Israeli Tax Authorities (“ITA”) published yesterday a draft amendment to the Israeli Tax Ordinance (the “Ordinance”) as well as to the Israeli transfer pricing regulations (the “Regulations”), which aim to implement the Master File and Country by Country Report (CbCR) concepts and reporting obligations in Israel. The suggested […]

Relying on the Customs Tariff as Published on the Israeli Tax Authority’s Website.

Dear clients and colleagues, On September 14, 2020, the Magistrate’s Court in Rishon Lezion published the ruling in the case of Jerusalem Wineries v. The Tax Authority (civil case no. 49524-01-13). The ruling discussed whether the importer may rely on the Customs Tariff Order as it appears on the website of the Tax Authority. The ruling was given […]

The OECD’s Pillar One and Pillar Two Blueprint Released

Dear Clients, Colleagues and Friends, The OECD published yesterday two reports on the blueprint for Pillar One (Pillar 1 Blueprint) and the blueprint for Pillar Two (together, the Blueprints). These extensive reports continue the OECD’s efforts to resolve tax challenges arising from digitalization, and to develop technical solutions in accordance with the approach introduced by […]

Tax Benefits for IT Business and Startups – The Baltics, Belarus and Israel

What issues should be addressed while considering setting up or relocating a start-up or IT business? Please join our managing partner Meir Linzen and partner Yuval Navot, on the “Tax Benefits for IT Business and Startups – The Baltics, Belarus and Israel” webinar. Tomorrow, September 24th at 10:00.

Leading the way in AgTech

We acted as Israeli counsel for our client, Thomas H. Lee Partners, L.P. (THL), which led the Series C funding round for the Israeli digital farming automation company, Phytech. Phytech raised $23.5M as part of this funding round. Phytech is a developer of IoT technology for farmers. Its sensors are spread out in the field […]

Special Visa Extension

Dear Colleagues and Clients, On 1 October 2020, Israel’s Population & Immigration Authority extended work visas and work permits for individuals in the construction, agricultural, and expert fields. The extensions are automatic and do not require additional payment. If a worker’s visa or permit expired between 1 July 2020 and 30 September 2020 and had […]

Industrial Chemicals Registration Law Proposal Published for Public Commenting

Dear Clients and Colleagues, The proposal of the Industrial Chemicals Registration Law was composed as part of Israel’s commitments to the OECD to establish a national mechanism for chemical registration. The mechanism is designed to protect human health and the environment from harmful effects of chemicals, by collecting information about chemicals and making it available […]

Proposal To Expand Sources Of Funding For Non-Bank Lending Corporations

PROPOSAL TO EXPAND SOURCES OF FUNDING  FOR NON-BANK LENDING CORPORATIONS Dear Clients and colleagues, Israel’s Ministry of Finance has published a Memorandum proposing an Amendment to the Banking (Licensing) Law in order to expand the possible sources of funding for non-bank lending corporations.  The Ministry has invited comments on the proposed Amendment by 25th October 2020. […]

Herzog’s clients Max Stock and AMI Fund successfully completed the IPO of Max Stock

We are excited to start the new year with a substantial IPO by our clients, Max Stock and AMI Fund, who successfully completed the IPO of Max Stock on the Tel Aviv Stock Exchange. This global offering was marketed also to international investors through Jefferies, and earned high demand, which resulted in a valuation of approximately […]

Japan Seminars: Innovation Powering the New Normal

Herzog, Fox & Neeman has partnered with one of Israel’s leading VC funds Pitango, and The Japan-Israel consulting firm Million Steps for a series of seven webinars during September and October 2020 discussing innovation in the new COVID-19 world. Head of Herzog’s Japan Practice, Partner Gilad Majerowicz gave a presentation about collaborations with Israeli technology […]

Transfer of Personal Data from Israel to the US

Dear Clients and Friends, We would like to draw your attention that on September 29, 2020, the Israeli Privacy Protection Authority (the “PPA“) has issued a statement regarding the transfer of personal data from Israel to the United States, in light of the annulment of the EU-US Privacy Shield framework for the transfer of personal […]

Labour & Employment | Client Update – General Lockdown

Dear Clients and Colleagues, An amendment to the Special Authorities to Handle Covid-19 Regulations (Temporary Order) (Restriction of Activities), 2020, shall enter into effect today, September 25, 2020, at 14:00. The Amendment imposes a second lockdown on all citizens of the State of Israel, and sets out strict instructions regarding any physical presence or activity in the […]

Herzog’s Investment Funds team has worked on the formation of a new fund

Herzog’s Investment Funds team, led by our partners Tal Dror Schwimmer and Michal Lavi, associate Gal Sasson and intern Roy Weitz, has worked on the formation and launch of Northwind Debt Fund I, a US-based debt fund focusing on the origination and acquisition of first and second position debt instruments, secured by real estate assets located in the greater […]

Draft Legislative Framework for Cryptocurrency in Europe

24/09/2020 Technology & Regulation in the Spotlight   Earlier this month, a leaked version of the European Commission’s draft Regulation on Markets in Crypto-Assets (“MiCA“) was published. According to the European Commission, MiCA has four main objectives: Increased legal certainty, in order to assist crypto-assets markets to develop in Europe. Currently, in the absence of […]

Partner Alon Abcasis is on the 40 young and promising lawyers

It’s time to conclude another year of awards and achievements. Our partner, Alon Abcasis, is on the 40 young and promising lawyers in real estate and urban renewal list. The ranking is done by Magdilim, the leading publication in the field. For the official list’s website >> click here

Irit Roth returns to Herzog Fox & Neeman

Dear Friends and Colleagues,​ We are delighted to announce that Irit Roth has returned to our office as a senior partner in the Banking and Finance Department. Irit’s reputation as one of the leading banking lawyers in Israel has only been enhanced by her spell as General Counsel of Bank Leumi.  Prior to her initially […]

Zero-rate VAT with respect to the provisions of services

Dear colleagues and clients, Section 30(a)(5) of the Value Added Tax Law, 1975 (hereinafter: the “VAT Law”) stipulates that the provision of a service to foreign resident is subject to a zero-rate VAT, if the consideration for such service is part of the value of imported goods and certain additional conditions as stipulated in the […]

The Israel Chapter in The Transfer Pricing Law Review 2020

We’re delighted to present partner Eyal Bar-Zvi‘s contribution to the fourth edition of The Transfer Pricing Law Review 2020. Eyal has 20 years of experience in the field of Transfer Pricing and he is a member of several national and international bodies in the Tax, Hi-Tech, and Transfer Pricing spheres. For the full chapter >> […]

The California Legislature Extends the CCPA’s Employee and B2B Exemptions

02/09/2020 Technology & Regulation in the Spotlight   The California Legislature has passed a new bill, which extends California’s Consumers Privacy Act (“CCPA)” employee and business-to-business (“B2B”) data exemptions by one year to 1 January 2022. The bill is now subject to approval by California’s Governor. In addition, a vote on another legislative initiative – […]

Amendment to Equal Pay Law – Reporting Obligation

Dear Colleagues and Clients, The Equal Pay for Male and Female Employees Law, 1996 (the “Law“) establishes an obligation of gender equality with respect to wages and other work-related compensation. Until recently, the Law only imposed an obligation to report gender data regarding employee wages, on certain employers (mainly those that are budgeted by the […]