(November 11, 2014)

During the annual meeting of the Global Forum on Transparency and Exchange of Information for Tax Purposes that was held in Berlin on October 28 and 29, 2014, 51 jurisdictions signed the Multilateral Competent Authority Agreement on Automatic Exchange of Financial Account Information (click here to be forwarded to the text of the agreement as published on the website of the OECD, which will open in a new window). Based on the information as provided by the OECD Israel was not one of these 51 jurisdictions (click here to be forwarded to the list of signatories of the Multilateral Competent Authority Agreement and Intended First Information Exchange Date as published on the website of the OECD, which will open in a new window).

On November 11, 2014 the Israeli Ministry of Finance published on the part of their website that is in English a press release (dated October 27, 2014) in which it announces that the Israeli Ministry of Finance has notified the Organization for Economic Co-operation and Development (OECD) that Israel will adopt the procedure for the automatic exchange of financial account information for tax purposes (CRS – Common Reporting Standard) by the end of 2018.

For further information click here to be forwarded to the press release as published on the website of the Israeli Ministry of Finance.

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