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On 20.5.2024, the Israeli Attorney General recently approved a new voluntary disclosure procedure. This provides an important opportunity for taxpayers who have not fully reported their income to rectify their situation with the tax authorities. Under the procedure, outstanding obligations can be fulfilled with reduced penalties and legal exposure.
At Zitnitski Weinstein & Co., operating within an international network of accounting and law firms, we specialize in all aspects required for a complex and successful voluntary disclosure process.
Our long-standing firm combines a team with extensive experience in taxation, reporting to authorities, and criminal proceedings. also ex-worked at the Tax and Economic Prosecution and Investigations Department, giving insight from all angles.
This expertise allows us to guide clients through every stage - from examining the circumstances requiring disclosure, assessing potential exposure, negotiating with tax authorities, and structuring optimal arrangements under the procedure.
For many clients, taking advantage of this opportunity requires addressing income from various sources - assets, businesses, investments abroad, securities and crypto, rental properties and capital improvements, and more. Often there are also undeclared foreign accounts involved.
Therefore, our ability to combine in-depth tax law and legal expertise, with advanced accounting proficiency, provides a significant advantage in examining each case on its merits and devising solutions to facilitate disclosure as leniently as possible.
The new procedure will only be in effect for a limited time window. It is crucial to prepare in advance to utilize this opportunity.
We recommend that anyone concerned about unreported income contact us promptly so our professional team can evaluate their situation. Together, we can identify the best ways to rectify the matter while minimizing liabilities, before the designated period for the new procedure expires.
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