On January 1 2019, regulations were approved to implement the CRS standard in Israel
The purpose of the CRS is to collect information about the financial accounts of residents of foreign countries for the purpose of exchanging information for tax enforcement between countries
How does this affect the owners of a foreign resident account? The main legislation is here for you
As a result of the CRS, more than 50 countries signed inter-state agreements with Israel. The agreement imposes the obligation of Israeli financial institutions to report on accounts held by residents of a foreign countries with whom an agreement was signed. The Israel Tax Authority transfers this information to the relevant authorities in aforesaid countries
More information regarding the CRS:
CRS standard - a document detailing the actual standard as published by the OECD – To download the file click here
Income Tax Regulations - To download the file click here
Amendment 227 to the Income Tax Ordinance - To download the file click here