On February 28, 2024, the Value Added Tax (VAT) Order (Tax Rate on
Transactions and Import of Goods) (Amendment), 2024, was
published in the Official Gazette, announcing an increase in the VAT
rate from 17% to 18%, effective January 1, 2025.
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Fahn Kanne & Co Grant Thornton Israel is the sixth-largest Certified Public Accounting firm in Israel. Our clients come from all sectors of the Israeli market – from not for profit to the highly competitive hi-tech. The firm employs a professional staff of 410, including 28 partners. Over the years, our teams have amassed extensive experience in the fields of auditing, tax and management advisory services, in both the academic and the business worlds.
Our goal in is to continue to provide high quality services to our clients and help them and our people, unlock their potential for growth. We are doing this in all areas of the services that we provide from audit to business risk services to business consulting. We enjoy the challenges of helping businesses grow their potential for success.
Mickey Blumenthal
Managing Partner, Fahn Kanne & Co.
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Press Release
Preparing for the VAT Increase from 17% to 18%
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16 min read
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15 Oct 2024
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30 Aug 2024
ITA approves direct tax payments for crypto investors
Tax payments for crypto investors
The Israel Tax Authorities (the "ITA") published, as part of a temporary directive, a procedure allowing taxpayers who gained profits from the realization of cryptocurrency, and were declined from opening a bank account in Israel by the Israeli banking system, to pay the taxes owed from the realization of such cryptocurrencies directly to the bank account of the ITA (the "Procedure"). The Procedure governs the workflow and requirements necessary to enable the ITA, on the one hand, to receive and collect the tax resulting from the activities of these taxpayers in cryptocurrencies, and on the other hand, to prevent money laundering through the payment of the taxes, due to the inherent risks of money laundering associated with crypto currency activities.
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05 May 2024