October 15

Annual International Bar Association Conference 2017 Sidney, Australia

RECENT HIGHLIGHTS

1. Foreign Account Tax Compliance Act (“FATCA”)

On January 16th, 2017, the Israel Tax Authority announced, that, after the partial implementation of the FATCA agreement, during November- December 2016, data regarding the accounts of U.S. residents and citizens (for the tax years 2014 –2015) were transferred to the tax authorities in U.S.A., the Israel Tax Authority received information about more than 35,000 US bank accounts of Israeli residents.

March 15

Voluntary disclosure for diamond dealers.

The president of the Israeli Diamond Exchange in Ramat-Gan, Mr. Yoram Dvash, announced on the 13/3/16 to the members of the Israel Diamond Exchange that the IRS is currently allowing diamond dealers to enter into the anonymous voluntary disclosure procedure.

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