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2.4. ISRAEL’S CURRENCY 18 ISRAEL – GENERAL OVERVIEW Israel’s monetary unit is the New Israel Shekel (NIS). One NIS is comprised of 100 agorot. The representative dollar rate is an indicator for its exchange rate on the foreign currency market. It is based on the average buying and selling rates published by the banks. Other currency exchange rates, besides the dollar, are calculated at the dollar representative rate and the rate of those currencies against the dollar on international currency markets, when the represent rate is being determined. Accordingly, the ratios for the representative rates of various currencies reflect the exchange rates for these currencies abroad at the time they are determined. The Bank of Israel calculates representative rates once a day, on business days only in foreign currency. The following graph presents the foreign exchange rates in Israel during the years 2007-2010: The representative exchange rates of the Israeli currency in relation to some major currencies on December 31, 2010, were as follows: NIS US Dollar 3.5490 Euro 4.7379 UK Sterling Pound 5.4928 Swiss Franc 3.7882 Japanese Yen (100) 4.3602 BDO Israel
2.5. INFRASTRUCTURE BDO Israel DOING BUSINESS IN ISRAEL Israel offers a broad and solid infrastructure to entrepreneurs, investors and business people in all sectors. The Israeli banking system is modern, automated, highly computerized and a well-established component of the international banking system. All services required by businesses, such as insurance, legal, temporary manpower, communications; IT systems etc. are available in the most advanced formats. Israel offers an advanced domestic and international transportation system, with an extensive inter-urban highway network. New highways are constantly being built to enable fast and safe mobility throughout the country. Israel is linked to the rest of the world via air and sea. 2.6. WORKING IN ISRAEL In order to work in Israel, a non-resident is required to obtain a work permit (usually B-1 visa) or hold a status other than “tourist”. To obtain work permits, Israeli employers are required to apply to the Ministry of Labor and Social Affairs and, where applicable, to the Investments Center as well. According to the “Law of Return”, immigrants are entitled to a “permanent resident” status, or an A-1 visa, which grants the immigrant a “temporary resident” status. 2.7. BUSINESS HOURS Full time work hours are generally 40-45 hours per week in a 5-5.5-day week. The work week begins on Sunday and ends on Thursday, or Friday at noon. Work hours in administrative offices are generally from 8:00-9:00 am to 4:00-5:00 pm. Banks are open from 8:30 am to 12:30 pm from Sunday through Thursday and from 4:30 to 6:30 pm on two afternoons. Stores are regularly open until 7:00 pm or later. On Saturday (the Jewish Sabbath) almost all businesses and offices are closed. Legal holidays are determined in accordance with the Hebrew calendar. On the eve of Jewish holidays, business usually ends in the early afternoon. 19
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68 ACCOUNTING AND AUDITING PERSPECT
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74 INVESTMENT INCENTIVES AND TRADE
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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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