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Bank secrecy jurisdictions pledge to cooperate on tax data exchange
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Israel
Physical Facts |
|
| Population: | 7,112,359 |
| Location: | Middle East, bordering the Mediterranean Sea, between Egypt and Lebanon |
| Area: | 20,770 sq km |
| Climate: | temperate; hot and dry in southern and eastern desert areas |
| Transport | Rail, Road, Air, Sea |
| International Direct Dialling prefix: | 972 |
| Internet Country Code | .il |
| Time difference on GMT: | + 2 |
Administrative Facts: |
|
| Status: | Parliamentary democracy |
| Government: | Israel is a parliamentary democracy consisting of legislative, executive and judicial branches. Its institutions are the presidency, the Knesset (parliament), the government (cabinet of ministers) and the judiciary. |
| Legal System: | Mixture of English common law, British Mandate regulations, and, in personal matters, Jewish, Christian, and Muslim legal systems |
| International Court Jurisdiction: | Since December 1985, Israel informed the UN Secretariat that it would no longer accept compulsory ICJ jurisdiction |
| Language: | Hebrew (official), Arabic used officially for Arab minority, English most commonly used foreign language |
| Education system: | Mandatory between the ages of 6 to 18 |
| UK Embassy: | 2 Palace Green, London W8 40B Tel: 44 20 7... Fax: 44 20 79579500 |
| Residency Requirements: | Non Jewish people wishing to live and work in Israel should contact the Israel Department of Immigration for full details on Israeli Residency. |
Fiscal Facts |
|
| Legal tender & currency: | New Israeli Shekel (NIS) |
| VAT: | 15.5% |
| Banking: | International |
| Annual Government Revenue: | $68.44 billion |
| Annual Government Expenditure: | $70.06 billion (2008 est.) |
| GDP: | US $ 161822 million (world bank 2007) |
| Minimum wage: | NIS 20.70 per hour |
| Financial Services Regulation: | Israel Securities Authority |
| Financial Services Regulation Contact Details: | Tel: 00 972 2... Fax: 00 972 2 651 3646 Email: international@isa.gov.il |
Tax Facts |
|
| General: | Double tax treaties with Austria, Brazil, Canada, Denmark, Germany, Holland, Ireland, Mexico, Romania, Slovakia, Spain, Thailand, Auzbekistan, Belarus, Bulgaria, Belgium, China, Czech Republic, Finland, France, Great Britain and N. Ireland, Greece, Hungary, India, Japan, Jamaica, Norway, Philippines, Russia, Singapore, South Africa, South Korea, Sweden, Switzerland, Turkey, USA |
| Corporate Tax: | 27% but falling to 25% in 2010 |
| Individual - resident: | 20-48% on sliding scale depending on income |
| Individual – non-resident: | Non-resident individuals are liable to pay tax on their income and capital gains derived from Israeli sources. Married couples can opt for joint or separate taxation. Progressive: 30 – 47% for under 60 years of age Progessive: 10 – 47% for over 60 years of age |
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