After HSBC and UBS, Israel Tax Authority head Moshe Asher today claimed that the state would soon receive particulars of bank accounts owned by Israelis in another major Swiss bank.
Asher was speaking at the "The Tax System and the Capital Market" conference in the "Hazira" framework - a joint activity of the Tel Aviv Stock Exchange (TASE) and the Association of Publicly Traded Companies, with the participation of senior Israeli capital market officials. He said, "We will soon obtain particulars of Israelis' accounts at another large Swiss bank, and we are making great strides in plugging up the loopholes in this area."
Asher added, "Most of the unreported capital is owned by small businesses and service providers, which poses a challenge to the Tax Authority with its current personnel. The Tax Authority is combatting unreported capital with all its available tools, and we are witnessing many achievements in this sphere.
"The Tax Authority is promoting legislation to provide benefits for Israeli high-tech companies becoming listed on the TASE. At the same time, we are promoting legislative amendments for real estate investment trusts (REITs) and amendments to the Angels Law."
Published by Globes [online], Israel business news - www.globes-online.com - on January 14, 2016
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