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Why Grant Thornton
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Grant Thornton’s culture is one of our most valuable assets and has steered us in the right direction for more than 100 years.
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Beyond global scale, we embrace what makes each market unique, local understanding on a global scale.
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Join our network
In a world that wants more options for high quality services, we differentiate in the market to grow sustainably in today’s rapidly changing environment.
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Grant Thornton International Ltd acts as the coordinating entity for member firms in the network with a focus on areas such as strategy, risk, quality monitoring and brand.
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At Grant Thornton, we have a wealth of knowledge in forensic services and can support you with issues such as dispute resolution, fraud and insurance claims.
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We work with entrepreneurial businesses in the mid-market to help them assess the true commercial potential of their planned acquisition and understand how the purchase might serve their longer-term strategic goals.
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Workable solutions to maximise your value and deliver sustainable recovery.
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We can support you throughout the transaction process – helping achieve the best possible outcome at the point of the transaction and in the longer term.
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Valuations
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At Grant Thornton, our IFRS advisers can help you navigate the complexity of financial reporting from IFRS 1 to IFRS 17 and IAS 1 to IAS 41.
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Audit quality monitoring
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Corporate and business tax
Our trusted teams can prepare corporate tax files and ruling requests, support you with deferrals, accounting procedures and legitimate tax benefits.
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Direct international tax
Our teams have in-depth knowledge of the relationship between domestic and international tax laws.
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Global mobility services
Through our global organisation of member firms, we support both companies and individuals, providing insightful solutions to minimise the tax burden for both parties.
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Indirect international tax
Using our finely tuned local knowledge, teams from our global organisation of member firms help you understand and comply with often complex and time-consuming regulations.
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Transfer pricing
The laws surrounding transfer pricing are becoming ever more complex, as tax affairs of multinational companies are facing scrutiny from media, regulators and the public
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Africa tax desk
A differentiating solution adapted to the context of your investments in Africa.
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Banking Holding banking to account: the real diversity and inclusion pictureWe explore how the banking sector can continue to attract, retain and nurture women to build a more diverse and inclusive future.
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Sustainability From voluntary to mandatory ESG: How banks can future-proof their operationsAs we move from voluntary ESG initiatives to mandatory legislation, we explore what the banking sector needs to prioritise.
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IFRS IFRS 9 - Audit of Expected Credit LossesGPPC releases The Auditor’s response to the risks of material misstatement posed by estimates of expected credit losses under IFRS 9
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growthiQ Steering your company to long-term successHistory has something important to tell us about the difficulties of steering a business to long-term success – through seismic shifts in technology, consumer demands and product development. With that in mind it’s unsurprising that over half the world’s largest companies in the early 1900s had shut their doors by the late 1990s. Some, however, have endured.
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International Financial Reporting Standards Implementation of IFRS 17 ‘Insurance Contracts’The auditor’s response to the risks of material misstatement arising from estimates made in applying IFRS 17 ‘Insurance Contracts’
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IFRS Get ready for IFRS 17After twenty years of development the IASB has published IFRS 17 ‘Insurance Contracts’, find out more.
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Global business pulse - industry analysis Mid-market recovery spreads to more industriesThe index results for 13 key industries of the mid-market reveals a very uneven recovery from COVID-19
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Access to finance Raise finance to invest in changePrepare your business to raise finance to invest in change.
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Private equity firms Private equity in the mid-market: reshaping strategies for 2021When the global COVID-19 pandemic stormed across the globe in early 2020, the private equity sector was hit hard but deals are coming back to the market.
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Mid-market businesses Getting ready for private equity investmentOur specialists explore how private equity firms are now working with their portfolios and how the mid-market can benefit from investment.
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Global business pulse - industry analysis Mid-market recovery spreads to more industriesThe index results for 13 key industries of the mid-market reveals a very uneven recovery from COVID-19
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Industries European Real Estate PodcastJessica Patel, Tax Partner at Grant Thornton UK speaks with tax partners and directors across the network to share their insights on the real estate market and some of the challenges.
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Industries European Real Estate PodcastJessica Patel, Tax Partner at Grant Thornton UK speaks with tax partners and directors across the network to share their insights on the real estate market and some of the challenges.
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Global business pulse - industry analysis A very uneven recovery across industriesThe index results for 13 key industries of the mid-market reveals a very uneven recovery from COVID-19
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Global business pulse - industry analysis Mid-market recovery spreads to more industriesThe index results for 13 key industries of the mid-market reveals a very uneven recovery from COVID-19
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Retail How retail is positioning for successCOVID-19 provided some hard lessons for the retail industry. It is time to turn those into sustainable and well executed growth strategies in 2021.
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Telecoms Can tech and telecom leverage economic headwindsAs most businesses brace for an economic downturn, tech and telecom could see new prospects. But, to turn the headwinds to your advantage, you need to find your unique opportunities and risks.
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Technology Mid-market tech companies lead the way on diversity and inclusionWe explore how the mid-market tech sector can continue to build and nurture a culture that’s increasingly more diverse and inclusive for women.
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Tax Resetting global tax rules after the pandemicBusinesses are seeing rising challenges, and finance heads are dealing with a range of new measures. To say the next 12 months are critical for businesses is an understatement.
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TECHNOLOGY International tax reform: the potential impact on the technology industryIn this article, we’ve summarised key elements of the global tax reform proposals, their potential impact on technology industry and advice from our digital tax specialists on what technology companies can do to prepare.
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Telecoms Can tech and telecom leverage economic headwindsAs most businesses brace for an economic downturn, tech and telecom could see new prospects. But, to turn the headwinds to your advantage, you need to find your unique opportunities and risks.
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IFRS Alerts
IFRS Alerts covering the latest changes published by the International Accounting Standards Board (IASB).
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Example Financial Statements
General guidance for preparers of financial statements that supports the commitment to high quality, consistent application of IFRS.
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Insights into IFRS 2
Insights into IFRS 2 summarises the key areas of the Standard, highlighting aspects that are more difficult to interpret and revisiting the most relevant features that could impact your business.
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IFRS 3
Mergers and acquisitions are becoming more common as entities aim to achieve their growth objectives. IFRS 3 ‘Business Combinations’ contains the requirements for these transactions.
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IFRS 8
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IFRS 16
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IFRS 17
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Pillar 2
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Global expatriate tax guide
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International indirect tax guide
Navigating the global VAT, GST and sales tax landscape.
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Global transfer pricing guide
Helping you easily find everything you need to know about the rules and regulations regarding transfer pricing and Country by Country reporting for every country you do business with.
Indirect tax snapshot
Please click on each section to expand further:
Value Added Tax (VAT) is the main type of indirect taxation in the Israel.
Section 2 of the Israeli VAT Law (hereinafter: ‘The VAT Law’) states that: ‘Value Added Tax shall be imposed on transactions in Israel and on the importation of goods’.
Although VAT is ultimately borne by the consumer by being included in the price paid, the responsibility for charging, collecting and paying it to the tax authority at each stage of the process rests with the business making the supply, ie the sale.
A dealer will charge VAT (output tax) on its sales or service, and incur VAT (input tax) on its purchases (including any VAT paid at importation). The difference between the output tax and the deductible input tax in each accounting period will be the amount of VAT payable by the dealer to the tax authority. Where the input tax exceeds the output tax, a refund can be claimed.
A dealer is defined as ‘a person, other than a non-profit organization or a financial institution, who sells any asset or renders any service in the course of his business, and also a person who effects an occasional transaction’.
A transaction is within the scope of Israel VAT if the following conditions are met:
- the sale of an asset or the performance of a service by a dealer in the course of his business, including the sale of equipment
- the sale of any asset, if the input tax imposed on its sale to the seller or on its importation by the seller was deducted
- an occasional transaction
- it takes place in Israel
Section 14 of the VAT Law, addressing ‘sales’ type transactions, states that: ‘An asset shall be deemed to have been sold in Israel, if the asset was in Israel at the time of its delivery to the purchaser, or if it was exported from Israel and the asset is intangible – if the seller is an Israel resident’.
Section 15 of the VAT Law, addressing ‘service’ type transactions, states three alternatives, whereby it is sufficient for one of them to exist to determine that the service will be seen as a service rendered in Israel. Below are the three alternatives:
- it was rendered by a person whose business is in Israel; whoever has an agent or branch in Israel will be deemed, in this respect, as a person who has a business in Israel
- it was rendered to an Israeli resident
- it was rendered in respect of properties located in Israel
Usually, a transaction in Israel and import of goods are subject to VAT at a standard rate of 17%. There is some exception which zero VAT applied or exempt.
Deduct input tax:
- a dealer is entitled to deduct from the tax to which he is liable the input tax included in a tax invoice lawfully issued to him or in an import entry or other document approved by the Director for this purpose, on condition that the import entry or other document name the dealer as owner of the goods and that the deduction be made within six months after the invoice, the entry or the document was issued
- input tax shall not be deducted, unless the input is to be used in a transaction liable to tax.
Businesses that make exempt supplies are unable to claim all of the input tax that they incur, so the VAT paid to suppliers will be a ‘real’ cost.
The ‘person liable to tax’ – a dealer, a non-profit organisation or a financial institution, even if exempt of paying the tax or if all his transactions are exempt of tax, except for:
- a person all whose transactions are exempt of tax under section 31(1) or 31(2) of the law (rentals for residential purposes for a period of not more than 25 years, giving possession of real estate against key-money)
- a person, the tax on all of whose transactions is paid by the recipient of the service under regulation 6A of the VAT regulations
- a person, for whose tax on real estate sold by him is paid under regulation 6B of the implementation regulations and who is not a non-profit organization, a financial institution, or a dealer within the meaning of sub regulation (d) of the said regulation.
Yes. Obligation to register:
- dealers, non-profit organisations and financial institutions must register at the time and in the manner prescribed
- a person liable to tax who is a foreign resident who has business or activity in Israel shall – within thirty days after he began to carry on business or activity in Israel – appoint a representative whose permanent place of residence is in Israel, and he shall so inform the Director, attaching the representative’s written consent
- a representative appointed under this section, shall, for purposes of the VAT Law, be treated like the person liable to tax.
Proposed legislation – It is proposed that for the supply of electronic services, communication services and radio and television services to a private individual (not to a dealer, non-profit organization, financial institution) by foreign resident will be subject to VAT in Israel, the tax liability shall be on the foreign resident and he will oblige to register for vat in Israel.
Yes. Section 60 of the VAT Law determined as follows: A person liable to tax who is a foreign resident who has business or activity in Israel shall – within thirty days after he began to carry on business or activity in Israel – appoint a representative whose permanent place of residence is in Israel, and he shall
so inform the Director, attaching the representative’s written consent.
A representative appointed under this section, shall, for purposes of the VAT Law, be treated like the person liable to tax.
Monthly basis. However, the period for a dealer’s return shall be two months, if his business turnover in the determining year did not exceed NIS 1,510,000.
Yes.
- Fine for delay in filing return – if a person liable to tax did not file a periodic return when it must be filed, then he shall be liable to an arrears fine of NIS 219 in respect of every two weeks or part
- Fine for not keeping books – in a person liable to tax did not keep account books or records as prescribed, or if he kept them in substantive deviation from the provisions of this Law or of the regulations thereunder, then the Director may impose a fine equal to 1% of the total price of his transactions or of the total amount of his wages and profit, as the case may be, for the tax year in which books or records were not kept as
- Fine for failure to pay on time – if tax was not paid at the prescribed time, then – in addition to linkage differentials and interest under section 97 – an arrears fine 0f 25% of the overdue amount shall be added to it in respect of every week or part thereof in a period of delay of up to six months, and of 0.5% in respect of every week or fraction thereof in the period of delay after six months.
Yes. A range of penalties can be imposed where businesses do not comply with the VAT rules.
No.
A VAT invoice must show:
- the seller’s name (dealer name) and address
- the title ‘Tax invoice’
- the word ‘original’
- the word ‘authorised dealer’
- the dealer VAT registration number
- the invoice date
- the customer’s name and address and is VAT registration number
- delivery note number and date, except if the invoice was held at the goods delivery
- a description sufficient to identify the goods or services supplied to the customer
- amount of the goods
- value of the transaction without VAT
- amount of the VAT and the words ‘Value-added tax’ and the tax rate (17%, 0%).
- total amount include VAT
For each different type of item listed on the invoice, the following must be shown:
- the unit price or rate, excluding VAT
- the quantity of goods or the extent of the services
- the rate of VAT that applies to what’s being sold
- the total amount payable, excluding VAT
Where a VAT invoice includes zero-rated or exempt goods or services, it must:
- show clearly that there is no VAT payable on those goods or services
- show the total of those values separately
Contact us
For further information on indirect tax in Israel please contact:
Asaf Behar |
Yigal Rofhe |