News Analysis: Israel proposes Tax Transparency for its wealthy Citizens and Corporations. The new law, if adopted, would reveal allegedly Hundreds of Billions of Dollars in “Black Capital” secreted in Foreign Accounts. Tax information obtained by the Israeli Government might be exchanged with Foreign Government Tax Officials.
This Bill, which is described as an “…Earthquake for Israeli business and wealthy individuals….” advises those with hidden funds to immediately acknowledge such to Israeli Tax Authorities. In doing so, some more rigorous actions may not be taken against the Depositors by the Israeli Government.
There are NO Long Term Secrets.
Reality.
Reference: http://www.globes.co.il/en/article-no-hiding-place-for-israelis-cash-1000918964