Israeli Tax Authority issues New Voluntary Disclosure Procedure
On September 7, 2014 in continuance with the Israeli Government’s policy to fight “black” money and to increase the collection of taxes in Israel, the Israeli Tax Authority (hereinafter: ITA) published a New Voluntary Disclosure Procedure that allows a taxpayer to report his/her non-reported income to the tax authority with the possibility to be exempt from criminal proceedings for not reporting.
