Moshe Asher: The Tax Authority plans to provide information to relevant countries about foreign residents' capital in Israel.
He said that the Tax Authority planned to provide information to relevant countries about foreign residents' capital in Israel, and that these countries will reciprocate about the foreign assets of Israelis.
Asher said that foreign banks already provide information about Israeli citizens, under an expedited procedure at the Ministry of Justice. He advised relevant parties to Voluntarily Disclose information.
This could be a result of efforts made by the US to crack down on US Citizen's with undeclared Israeli Bank Accounts. We discussed this crack down in our posts IRS Continues Cracks Down on Undeclared Israeli Bank Accounts! and More Tax Problems for U.S. Citizens with Foreign Bank Accounts in Israel.
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