Israel
Overview of CbC reporting requirements
Israel has not yet introduced a requirement for the filing of CbC reports, as required under the BEPS Action 13 (CbC reporting) minimum standard.
The domestic legal and administrative framework
Israel’s 2020/2021 peer review report included a recommendation to take steps to implement legislation to impose a CbC reporting filing requirement. Israel has since introduced such a filing requirement but it has not been possible to carry out a review of this legislation. The recommendation to implement legislation is therefore removed and a review of the legislation will take place in the next peer review.
The exchange of information framework
Israel has no bilateral relationships in place for the exchange of CbC reports nor processes to ensure that the exchange of information is conducted in a manner consistent with the terms of reference relating to the exchange of information framework.
It is recommended that Israel take steps to have qualifying competent authority agreements in effect with jurisdictions of the Inclusive Framework that meet the confidentiality, consistency and appropriate use conditions and with which Israel has an international exchange of information agreement in effect that allows for the automatic exchange of tax information
It is recommended that Israel take steps to implement the necessary processes or written procedures to ensure that the exchange of information is conducted in a manner consistent with the terms of reference relating to the exchange of information framework.