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138 Dividends % Interest % TAXATION Royalties % Taiwan 10 7/10 10 Ukraine 5/10/15 5/10 10 United Kingdom** 15 15 0/15 United States of America 12.5/25 10/17.5 10/15 Uzbekistan 10 10 5/10 Vietnam 10 10 5/7.5/15 * Has not yet gone into effect. ** Tax rates based on old tax treaties. In addition to the above, limited transport and shipping treaties exist in various jurisdictions. BDO Israel
9. FOREIGN EXCHANGE CONTROL AND PREVENTION OF MONEY LAUNDERING 9.1. FOREIGN EXCHANGE CONTROL In May 1998 the currency control policy was changed and, for all intents and purposes, restrictions on activities and transactions of Israelis abroad and transactions in foreign currency, both in Israel and abroad, were abolished. As part of the liberalization program, the Controller of Foreign Currency at the Bank of Israel issued a general permit whereby an Israeli resident is free to engage in foreign currency transactions and in transactions with foreign residents, which otherwise required a permit. The last restriction remaining under the Foreign Exchange Control Law until recently, forbade Israeli institutional investors from holding foreign currency and investing abroad amounts exceeding 20% of their total assets. This restriction was removed in January 2003. Under the general permit, some reporting restrictions are imposed on banks, financial brokers, and institutional investors. Since March 1999, additional reporting requirements have been imposed on individuals and the private sector. These requirements include the furnishing of information to the financial broker executing the transaction and reporting directly to the Controller of Foreign Currency, as outlined below. An Israeli resident engaging with a foreign resident using a financial broker is required to report to the financial broker on the nature of the engagement. In the event that Israeli currency is transferred to the account of a foreign resident, it is the foreign resident's responsibility to inform the financial broker regarding the residency of the other party and, if this concerns an Israeli resident, the nature of the transaction should be reported as well. A financial broker is required to report to the Controller of Foreign Currency several kinds of events, including the following ones: � An engagement between an Israeli resident and a foreign resident carried out with his involvement. � A transaction made by a foreign resident in Israeli currency in excess of a certain amount. � A holding of listed Israeli securites by a foreign residet in excess of a certain amount. BDO Israel 139
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PREFACE This publication has been p
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7. INVESTMENT INCENTIVES AND TRADE
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8 THE ISRAELI ECONOMY IN 2010 The I
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1.2.4. Fiscal Developments 10 THE I
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12 THE ISRAELI ECONOMY IN 2010 1.2.
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14 THE ISRAELI ECONOMY IN 2010 Comp
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16 ISRAEL - GENERAL OVERVIEW Israel
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2.4. ISRAEL’S CURRENCY 18 ISRAEL
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Legal holidays in 2010 and 2011 are
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22 OVERVIEW OF ISRAEL’S HIGH-TECH
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OVERVIEW OF ISRAEL’S HIGH-TECH IN
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32 BUSINESS STRUCTURE The Companies
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34 BUSINESS STRUCTURE with respect
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36 BUSINESS STRUCTURE recommendatio
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38 BUSINESS STRUCTURE TASE regulati
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40 BUSINESS STRUCTURE ♦ Non-profi
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4.2.2. Prerequisites 42 BUSINESS ST
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44 BUSINESS STRUCTURE As mentioned
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46 BUSINESS STRUCTURE 4.3. INSURANC
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5.1.2. Distribution of Employees 48
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50 BUSINESS ENVIRONMENT As of Janua
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5.2. ANTITRUST LAW 52 BUSINESS ENVI
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5.3. INTERNATIONAL TRADE 54 BUSINES
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5.4. TRADE AGREEMENTS 56 BUSINESS E
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5.5. PROPRIETARY RIGHTS 58 BUSINESS
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60 ACCOUNTING AND AUDITING PERSPECT
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74 INVESTMENT INCENTIVES AND TRADE
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