Israel plans to end the special exemption allowing first-time and veteran returning residents to avoid reporting foreign income and assets. This comes as a response to pressure from the OECD (Organization for Economic Co-operation and Development).

A proposed bill, published on March 6, 2024, seeks to amend the Income Tax Ordinance, targeting individuals who have lived abroad for at least ten years and are returning to Israel.

Read the update provided by Benjamini & Co. – here.