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16 ISRAEL – GENERAL OVERVIEW Israel has an electoral system based on nation-wide proportional representation, and the number of seats that every list receives in the Knesset is proportional to the number of voters. The only limitation is the 2% qualifying threshold. According to this system, the voters elect a party list rather than a particular individual on the list. Since establishing a 'primaries' system in some of the parties, members of the parties elect their candidates for the Knesset directly. In other parties, candidates are elected through the party's institutions. All Israeli citizens over 18 are entitled to vote, while those over 21 may be elected to parliament. After the elections, the Israeli President consults with representatives of all parties and, subsequently delegates the task of forming a government to the chairman of the party most likely to succeed. If he or she succeeds, he or she is nominated as Prime Minister and is responsible for forming a government and appointing ministers. The last general elections in Israel were held in February, 2009. The President appointed Benjamin Netanyahu, head of the Likud party, to form a government. The function of the President of the State is primarily a representative one. He is elected by the Knesset every five years, for a limited period of two terms. The President holds the statutory power to appoint judges and the governor of the Bank of Israel; to accredit diplomatic senior staff, pardon criminals, etc. The judicial system is independent of the executive and legislative systems. The Supreme Court is the highest court of the State, serving both as the High Court of Appeal and the High Court of Justice. Below the Supreme Court is the District Court (located in Jerusalem, Tel-Aviv, Haifa, Nazareth and Beer-Sheva). The District Court is the first court of submission for certain judicial matters - in addition to administrative courts, family courts, municipal courts, religious courts, etc. Each type of court has a clearly defined area of jurisdiction. Israel’s central bank, the Bank of Israel, serves as economic advisor to the government. It defines and implements monetary policy, controls local banks, supplies notes and coins, manages the State’s foreign currency, etc. Another administrative institution is that of State Comptroller – responsible for auditing and checking all the activities of the ministries, municipalities and other institutions subject to inspection by law. BDO Israel
2.3. FACTS AND FIGURES BDO Israel DOING BUSINESS IN ISRAEL Israel is situated along the Mediterranean coast, on an area with the size of 22,000 km. (8,500 sq.m.), including the Golan Heights, without the Gaza Strip and parts of the West Bank, which were given to the Palestinians in the context of the Peace Process and the Disengagement Plan. Israel is 430 km (265 miles) long and between 110 km (70 miles) to 10 km (6 miles) wide. It has borders with Lebanon in the north, Syria and Jordan in the east, Egypt in the south and with areas under the Palestinian Authority. Modern Israel has numerous ancient sites and ruins, with ongoing archeological digs. New archeological findings are constantly discovered. Israel’s terrain varies from hilly, mountainous landscape, with rich agricultural land in the north, to barren desert sites in the south. The lowest place on the globe, the Dead Sea, is situated in the south of Israel. Israel’s major cities: Jerusalem – The capital of Israel and location of the Knesset and numerous historic and religious sites; population - approximately 774 thousand. Tel-Aviv – Israel’s major city - financial, commercial and industrial center, with a population of approximately 404 thousand. Greater metropolitan area – approximately 1.28 million. Haifa – Principal port city in the north of Israel, with a population of approximately 266 thousand. Beer Sheva – The largest city in the Negev desert (in the south), with a population of approximately 195 thousand. Israel’s climate is characterized by a hot and humid coastal climate, with a dry desert climate in the summer (July to September). The temperatures at this time of year vary from 28ºC (82.4ºF) in the north to 40ºC (104ºF) in the south. Winter begins around November and lasts until March, with relatively mild but rainy weather. A typical winter day in Jerusalem is about 5ºC (41ºF). Israel’s average annual rainfall varies from over 800 mm (31 inches) in the north (Upper Galilee) to less than 40 mm (1.6 inches) in the south (Eilat). The prevailing system for measurement is the metric system. 17
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66 ACCOUNTING AND AUDITING PERSPECT
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74 INVESTMENT INCENTIVES AND TRADE
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108 TAXATION (d) More than 50% of o
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110 TAXATION 8.2.2.6. Dividends Rec
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112 TAXATION (3) Location of fixed
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114 8.2.3.4. Rental Income from Out
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116 TAXATION "Accommodating Year”
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118 TAXATION "Privileged Securities
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120 TAXATION 8.2.4.3. Tax exemption
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8.3.4. Sale of Stocks 122 TAXATION
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124 TAXATION 8.3.7.3. Setting-off C
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126 TAXATION ♦ According to the r
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8.5. TAXATION OF TRUSTS 128 TAXATIO
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8.6.1. Definitions: 130 ♦ Israeli
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132 5) Certain services rendered to
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8.8.6. Real Estate Companies 134 TA
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8.10. TAX TREATIES 136 TAXATION As
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138 Dividends % Interest % TAXATION
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140 FOREIGN EXCHANGE CONTROL AND PR
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10.3. ISRAEL LAND ADMINISTRATION OF
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11.2. KEY FIGURES FOR DECEMBER 31,
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Example A NIS Example B NIS APPENDI
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APPENDIX 2 Industrial enterprises m
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Ministry of Justice 29 Tsalch Adin
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Israel - US Binational Industrial R
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BRAZIL Embassy of Israel S.E.S Av.
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ECUADOR Embassy of Israel Av. La Co
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IVORY COAST (COTE D’IVOIRE) Embas
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PANAMA Embassy of Israel Edificio P
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THAILAND Embassy of Israel Ocean To
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REPUBLIC OF THE FIJI ISLANDS Embass
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