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3Taxation - monthly and annual tax filingsThe Israeli tax year is normally the calendar year. Subsidiaries offoreign publicly traded companies may sometimes be allowed touse a different fiscal year.Companies are generally required to file audited annual taxreturns and financial statements within five months of the end oftheir fiscal year, but extensions may be obtained. Israeli certifiedpublic accountants are usually allowed to spread the filing of thetax returns over a period of up to 13 months after the end of thetax year.Companies must file monthly returns on account (bi-monthlysometimes if the business is small) accompanied by taxpayments. The filings and payments are made by the 15 th dayafter the end of the month at a local post office or bank. If ataxpayer is a few days late, a computer-generated penalty isusually issued.Officially, books and returns should be in Hebrew or Arabic,although English is usually accepted by most tax offices.