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.
As stated, the anonymous voluntary disclosure procedure had been extended until 30/6/16, that is to say the window of opportunity to enter the procedure is about to close (unless there will be an additional extension).
As known, until now an Informal decision of the IRS has excluded the branch of diamond dealers from participating the voluntary disclosure procedure, however, from now on it seems that the door is open, towards the end of the second stage, and the submission of anonymous requests for diamond dealers is now possible.
After attempts to settle voluntary disclosure for the whole branch, the legal counsel decided that there is no way to regulate a comprehensive procedure through primary legislation. Therefore, the IRS had no other option but allowing diamond dealers to enter into the current voluntary disclosure procedure.
It appears that now is the time to hurry and submit the requests to voluntary disclosure for diamond dealers who did not regularize their capital yet.
Lior Pick & Co. is one of the leading Law firms in Israel in the field of voluntary disclosure and is recommended by the leading banks in Switzerland.
Our firm has a long experience in voluntary disclosure procedures and we deal with the most complex tax settlements.
The aforementioned should not be perceived as an expression of opinion and/or a legal advice.