Israel Approves Tax Reporting Regime for Multinational Corporations

The Israeli government July 5 approved a tax reporting regime for multinational corporations. The government approved: 1) a proposal to amend the Income Tax Ordinance, requiring parent companies in multinational groups with a turnover of more than 750 million euros (US$888 million) to report the full structure of activity in each country; 2) the implementation of country-by-country reporting as recommended by the OECD’s base erosion and profit shifting (BEPS) project to prevent tax evasion; and 3) obligations for entities in multinational groups to effectively control transaction prices. [Israel, Government, 07/05/21]

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