Israel on its way to approve CRS regulations

On 1 January 2019, Parliament’s Finance Committee of Israel held a second session at which the Common Reporting Standard (“CRS”) regulations were approved (Link-Hebrew). Nevertheless, after the approval, the committee’s chairman asked for revision due to certain disagreements on topics that are not CRS related. New discussions are not yet scheduled.

The main topics discussed were:

  • The interest of the Israel Tax Authority to implement the CRS regulation to a large extent;
  • Definition of low value accounts;
  • Definition of high value accounts;
  • Definition of new accounts;

The draft of the CRS regulations is available on the Knesset website (Link-Hebrew).

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