Tax Issues Evaluation
he evaluation of tax issues is occasionally required by management. Business owners often find themselves facing complex business, financial, or legal situations that demand significant, and sometimes irreversible, decisions. Each decision carries multiple implications, with the tax aspect being one of the most critical for business owners. Our firm assists in evaluating tax issues within a business by reviewing the entire operation and exploring opportunities to legally minimize tax liabilities according to the applicable laws and regulations.
Tax laws in Israel generally reflect the state’s intent to promote certain activities while discouraging others. The state exempts activities it seeks to encourage from taxes, while imposing higher taxes on activities it wishes to reduce. For example, to encourage philanthropic activities, the state offers tax credits to any individual or business donating more than 300 ILS per year (as of the 2010 tax year). Conversely, the state aims to limit the number of foreign workers employed in Israel. To achieve this, it imposes higher taxes on the employment costs associated with foreign workers.
A thorough understanding of Israel’s tax laws and developing expertise in this area is essential for business owners and companies when making business and financial decisions. This includes decisions such as transferring assets or operations from a business to a company, between companies, reducing capital, liquidating a company, investing in real estate, corporate taxation, taxation on securities, interest, and more.
At Michael Weizman & Co. – Consultants and Certified Public Accountants, our tax department team is at the service of our clients, assisting with any tax-related matter. We provide creative solutions to minimize tax payments or defer them where possible, based on the relevant laws, regulations, directives, precedents, and rulings.
An accountant from our firm will be happy to assist you with this service. Contact us today for a no-obligation consultation.
