October 23

Published by the “Israeli Ministry of Justice”, and the “Israeli money laundering and terror financing prohibition authority”, on July 2015

In September 2014, the Israeli Tax Authority published a Voluntary tax compliance protocol, which grants immunity from criminal prosecution on tax offenses, for applicants who reveal their concealed assets to the tax authorities, in return for paying civilian tax (hereinafter: “Voluntary disclosure procedure”).

October 20

OECD reform on BEPS

On 5 October 2015, the OECD published the final reports of the OECD/G20 Base Erosion and Profit Shifting (“BEPS”) project, which is consists of a package of measures for a coordinated international approach to reform the international tax system. The BEPS refers to the global effect of multinational companies’ tax avoidance strategies on national tax bases. For instance, in the US, the country’s biggest 500 companies hold over 2.1 trillion dollars in offshore accounts, causing a 620 billion dollars in losses for the US government.

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