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ISRAEL AT WAR - DAY 476

Foreign Account Tax Compliance Act FATCA

United Torah Judaism MK Moshe Gafni chairs a Knesset Finance Committee meeting on March 5, 2018. (Yonatan Sindel/Flash90)
November 22, 2018, 2:55 pm
Israel risks global sanctions as MK drags feet on anti-corruption compliance
Despite danger of international blacklisting for non-compliance with OECD tax exchange, Knesset Finance Committee head demands more time to legalize exemption of Orthodox loan orgs
By Sue Surkes
Illustration: Israelis withdraw money from Bank Hapoalim cash machines. (Yonatan Sindel/Flash90)
From the WebJune 29, 2018, 2:12 pm
Israel’s banks face international blacklist after missing info sharing deadline
Knesset fails to approve bill to allow foreign tax authorities to see account information, jeopardizing cooperation with foreign lenders, Bloomberg reports
A sign pointing to a tax authority office in Israel. (Flash 90)
September 13, 2016, 2:13 pm
Supreme Court dismisses case against border-hopping US tax law
Decision paves way for full implementation of Foreign Account Tax Compliance Act; plaintiff Republicans Overseas Israel vows to continue fighting
By Raphael Ahren
A branch of Bank Leumi in central Jerusalem (Maxim Dinshtein/Flash90)
September 12, 2016, 5:25 pm
Why is Bank Leumi telling foreigners to close their accounts? And what’s the link to Israel’s malignant black economy?
As the US cracks down on tax evasion, Israel’s flourishing decades of money laundering for Diaspora Jews are being exposed. It’s part of a financial malaise that runs deep, and that harms all law-abiding Israelis
By Simona Weinglass
A man removes cash from a Bank Leumi ATM machine in the Meah Shearim neighborhood of Jerusalem (Nati Shohat/Flash90)
August 2, 2016, 5:12 pm
Knesset Finance Committee ratifies US tax act
Local banks will report account holders with American citizenship to the IRS beginning in September
By ToI Staff
The Internal Revenue Service building in Washington DC (photo credit: CC BY-SA Joshua Doubek, Wikimedia Commons)
From the WebDecember 19, 2014, 3:49 pm
‘Accidental Americans’ face big tax bills
CNN Money: Israelis and others who have never lived in the US are being dunned by the IRS
A sign pointing to a tax authority office in Israel. (Flash 90)
July 1, 2014, 9:23 am
Deadline day for FATCA filers
US citizens in Israel brace for new tax act
By Jessica Steinberg
Jerusalemites take out money from an ATM (photo credit: Nati Shohat/Flash90)
June 3, 2014, 8:58 am
US: 77,000 foreign banks set to share tax info
List includes all Israeli financial institutions as part of a deal between the Finance Ministry and the US Treasury Department
By AP and ToI Staff
The dreaded IRS envelope (photo credit: Jessica Steinberg)
May 1, 2014, 1:26 pm
Israel reaches agreement with US on tax act
Banks here will be required to report account holders with American citizenship to the IRS
By Spencer Ho
At a Democrat/Republican debate in Jerusalem; some Americans have become disenchanted with the US following President Obama's reelection, and would consider expatriation, said lawyer Marc Zell (photo credit: Miriam Alster/Flash 90)
March 27, 2014, 9:03 am
Taxed into renouncing their US citizenship?
Drowning in a sea of new financial regulations, and with IRS audits on the rise, some American citizens in Israel say they are weighing expatriation. That won’t work
By Jessica Steinberg
Dollars and shekels. (Olivier Fitoussi/Flash90)
March 17, 2014, 6:34 pm
Americans in Israel to face FATCA, IRS collectors
The US is going to great lengths to collect outstanding taxes, and is now getting help from the Bank of Israel
By David Shamah
The US Embassy building in Tel Aviv. (photo credit: Roni Schutzer/Flash90)
February 28, 2014, 10:11 am
Israeli banks to be targeted in US tax sweep
Authorities aren’t waiting for new reporting laws to go into effect to track down Americans who they say owe money
By David Shamah
Illustrative photo of a bank branch. (Moshe Shai/Flash90)
January 13, 2014, 11:32 am
Americans with Israeli bank accounts could face troubling tax season
The US is cracking down, and Americans who don’t tell the IRS about their holdings in Israel could face fines, or worse
By Maayan Jaffe
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