Herzog Fox & Neeman Technology & Regulation November 2017
We are pleased to introduce you to our November edition of the Technology & Regulation Client Update, which includes several important regulatory and industry developments in the fields of data privacy, technology compliance, content and digital advertising. To read the full client update – click here.
Client Update | Assessments for the Replacement of the Custom Administration’s Foreign Trade Operation System of the State of Israel and the Implications for Import Processes
The Israeli Tax Authority (hereinafter: “the ITA”) is currently preparing to replace the Custom Administration’s foreign trade system of Israel with a new system called “Global Gate “. The new system is intended to replace the operational systems currently used by the Customs Administration and to serve all the parties involved in the foreign trade […]
Client Update | Regulatory Updates from the Capital Market, Insurance, and Savings Division of the Ministry of Finance | December 2017
On the 3rd of December 2017, the Capital Market, Insurance, and Savings Division of the Ministry of Finance published regulatory updates for December 2017. To read the full update (in Hebrew) – click here.
Client Update | Tax Authorities Published a New Voluntary Disclosure Procedure
The Israeli Tax Authority (the “ITA”) published today (December 12, 2017) a new Voluntary Disclosure Procedure (the “VDP”) which shall remain in force as of today until December 31, 2019. In summary, the VDP enables taxpayers to apply for a voluntary disclosure procedure in three main routes. To read the full client update – click here.
Herzog Fox & Neeman Technology & Regulation December 2017
Towards the end of 2017, we are pleased to introduce you to our December edition of the Technology & Regulation Client Update, which includes a significant number of material regulatory, self-regulatory and industry-compliance developments, in the fields of technology compliance, digital advertising, content, eHelath, data privacy and data security. To read the full client update […]
Client Update | Shared Areas in Tel Aviv to be Exempt from Municipal Taxes
We would like to bring your attention to a recent important legal update from the Administrative Affairs Court, who have ruled on the exemption from municipal property tax on shared areas in non-residential properties in Tel Aviv-Jaffa. To read the full update (in Hebrew) – click here.
Client Update | Antitrust and Competition | 2017 Summary
As we approach the end of 2017, we bring you the event highlights of 2017 in the field of Antitrust and Competition, namely: Increased enforcement of penalties, demonstrated in the number of indictments issued over the last year and fines imposed Ruling from the High Court enforcing a gradual increase in penalties for antitrust violations […]
Client Update | Publication of Report Summarising Findings regarding Immediate Reporting by the Israeli Securities Authority (ISA)
On Monday, 8th of January, 2018, the Israel Securities Authority (“the Authority”) published a report on the findings regarding immediate reporting (the “Report”) after conducting a sample audit to examine the compliance of companies within the provisions of Articles 36 and 37A2 of the Securities Regulations (Immediate and Periodic Reports), 5730-1970 (“Reporting Regulations”), which dictate a […]
Client Update | New Israeli Reporting Liabilities Relating to Foreign Residents, New Immigrants and Trusts
Under Israeli law, a taxpayer taking a certain tax position, is required to report it to the Israeli Tax Authority (“ITA”) by submitting a special form as part of the annual tax return. The reporting liability arises only if the position results in a tax saving of NIS 5 million in the relevant tax year, […]
Client Update | Antitrust & Competition | Competition Law in Israel – Looking Forward to 2018
In this update we will summarize the main trends and events in Israeli competition law in 2017 and the changes and trends expected in 2018. Looking forward to 2018: The Israeli Antitrust Commissioner stated that the Israeli Antitrust Authority will study the activity of technology giants, such as Google and Facebook, and may confront them […]
Client Update | The Rise and Fall of the New Israeli Deemed Distribution Rules to Non-Israeli Affiliates
In our client update of 23 November, 2017 (see here), we informed you about the new Israeli deemed distribution rules, which are set out under the newly enacted Section 3(i1) of the Israeli Income Tax Ordinance (the “Ordinance”). Under these rules, a loan from an Israeli company, which is granted to its 10 percent or more […]
Herzog Fox & Neeman Technology & Regulation Updates January 2018
We are pleased to introduce you to our January 2018 edition of the Technology & Regulation Client Update, which includes several important regulatory and industry developments in the fields of digital advertising, data privacy and technology compliance. To read the full client update – click here.
Client Update | Israeli Tax Authorities Published New Guidelines for the Voluntary Disclosure Procedure
Further to our circular of December 12, 2017 regarding the new Voluntary Disclosure Procedure of the Israeli Tax Authority (the “ITA”) (the “VDP“), the ITA recently published (February 15, 2018) guidelines for the implementation of the VDP (the “Guidelines“). For the first time, the Guidelines shed some light on the way the ITA is expected […]
Client Update | New Regulation on the Use of Health Data for Research and Commercial Purposes
Dear clients and friends, In Israel, health information is constantly being processed and recorded on a large scale, and due to the significant advantages of the Israeli health system, the information is linked throughout the chain of medical treatment. In recent years, with the advancement of information technology and analysis tools in the field of […]
Client Update | More Clarity on Who Will Be Allowed to Acquire Israel’s Credit Card Companies
The Bank of Israel this week published Guidelines setting out the criteria to be satisfied by potential purchasers of the credit card companies currently owned by Israel’s two major banks, Isracard (controlled by Bank Hapoalim) and Leumi Card (controlled by Bank Leumi). To read the full client update – click here.
Client Update | Herzog Fox & Neeman Technology & Regulation
We are pleased to introduce you to our February edition of the Technology & Regulation Client Update, which includes several notable regulatory and industry developments in the fields of digital advertising, data privacy, cybersecurity and technology compliance. To read the full client update – click here.
Client Update | Summary of 2017 in Employment Law and Trends Towards 2018
The field of employment law and employment relations is always active, and 2017 has been no exception. This past year has been characterized by frequent and challenging developments, both in legislation and in labour court rulings. The many frequent developments in employment law require us to “keep our figure on the pulse” and accordingly, throughout […]
Client Update | Breaking News: Modifications to the Hours of Work and the Work Week in the Market
Further to our previous updates on the matter, we wish to advise you regarding three significant developments that have taken place over the past few days, in relation to, the shortening of the work week in the market and overtime hours of work. To read the full update – click here.
Client Update | The Insolvency and Rehabilitation Law, 2018
Dear Clients and Colleagues, On March 5, 2018 the Israeli parliament passed the Insolvency and Rehabilitation Law, 2018 (the “Law”). The Law establishes, for the first time, a modern and consolidated set of insolvency laws for individuals and corporations in Israel. In addition to the codification and consolidation of existing insolvency and rehabilitation rules from […]
Client Update | Revision of Israel’s Electronic Signature Law
On February 28, 2018 the Knesset amended the Electronic Signature Law, 2001 (the “Law”). This is the first major amendment of the Law since it was enacted in 2001, and the technological and practical uses of electronic signatures have developed and expanded since then. This amendment is intended to align the legal framework with commercial […]
New ITA Circulars Dealing with the Taxation of Private Equity and VC Funds, their Investors and Fund Managers
Dear Clients, Colleagues and Friends, On March 14, 2018, the Israel Tax Authority (the “ITA“) issued two circulars (9/2018 – Taxation of Venture Capital Funds and 10/2018 – Taxation of Private Equity Funds) dealingwith the conditions and specifics of a beneficial tax treatment route available for private equity and VC funds in connection with their […]
Client Update | Herzog Fox & Neeman Technology and Regulation
We are pleased to introduce you to our March edition of the Technology & Regulation Client Update, which includes several notable regulatory and industry developments in the fields of digital advertising, cryptocurrency advertising, data privacy, cybersecurity and technology compliance. To read the full client update – click here.
Tax Client Update | Revolutionary Case Law Changes the Capital Gain Calculation with Respect to Foreign Securities
On May 6, 2018 a revolutionary decision of the Supreme Court in the Or Sarah case, was published. The decision determines that capital gains of Family Companies should be calculated in New Israeli Shekels (NIS), with the cost basis adjusted to the Israeli Consumer Price Index, and not to the foreign currency in which the […]
Client Update | Brexit’s Effects on Intellectual Property Rights Protection
On March 19, 2018, the updated draft of the Agreement on the Withdrawal of the United Kingdom from the European Union (“EU”) was published. The draft provides, inter alia, for the continued protection of intellectual property rights in the UK post withdrawal, and particularly that of EU-registered trademarks, designs and plant-breeders’ rights. To read the […]
Client Update | Experimental Program for Applications of High-Tech and Cyber Companies for the Employment of Foreign Experts in Israel
We would like to draw your attention to the fact that a new procedure has recently been published, which establishes more lenient arrangements for regulating the employment of foreign experts in hi-tech and cyber companies. The new arrangements, as detailed below will apply to companies that are recognized as technological knowledge-intensive corporations by the Israel […]
Client Update | Law for Reducing the Use of Cash, 2018
On March 18, 2018, the Law for Reducing the Use of Cash, 2018 (the “Law”) was published in the Official Government Gazette (the “Gazette”). The Law is intended to limit the use of cash, as a way to fight crime and money laundering, and to enable the use of advanced and efficient means of payment. […]
Client Update | Supreme Court Ruling – Inclusion of Equity Based Compensation in Cost Plus Arrangements
On April 22nd 2018 the Supreme Court issued its much anticipated court ruling on two appeals which were consolidated into one case concerning the inclusion of equity based compensation accounting expenses in the cost base for purposes of determining the income of an Israeli R&D subsidiary implementing a cost-plus arrangement. To read the full client […]
Tax Client Update | Revolutionary Case Law Changes the Capital Gain Calculation with Respect to Foreign Securities
On May 6, 2018 a revolutionary decision of the Supreme Court in the Or Sarah case, was published. The decision determines that capital gains of Family Companies should be calculated in New Israeli Shekels (NIS), with the cost basis adjusted to the Israeli Consumer Price Index, and not to the foreign currency in which the security is […]
Client Update | Establishing a New Bank in Israel
Dear Clients and Friends, On June 3, 2018, the Bank of Israel (the “BoI”) published a circular (the “Circular”) detailing an updated simplified process for parties wishing to establish a new bank in Israel (the “Policy”). The Circular is the latest development in the ongoing reform of Israel’s banking sector, through which the relevant authorities […]
Client Update | Postponement of the Regulated Financial Services Law regarding Providers of Services in Financial Assets
On June 1, 2018, the provisions of the Supervision of Financial Services (Regulated Financial Services) Law, 2016 (the “RFS Law”), that set out licensing requirements for the provision of services in financial assets, were scheduled to come into effect. However, on May 31, 2018, in order to prevent a regulatory vacuum, the Minister of Finance […]