Lior Pick, Adv. CPA TEP
I. General Overview
The Law to Change the National Priorities (Legislation Amendments to Achieve Budget Goals for 2013 – 2014) came into effect on August 1st 2013. The Taxes Chapter therein constitutes Amendment no. 197 to the Income Tax Ordinance (hereinafter: “the Law” and/or “the Amendment” and/or “the Ordinance”, respectively). Within the Law, the provisions of Chapter Four “B”, Part 2 to the Ordinance (hereinafter: “the Trust Chapter”) and the reporting duties stipulated in section 131 to the Ordinance were modified.