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50 BUSINESS ENVIRONMENT As of January 2011, the minimum monthly salary is set at NIS 3,850. In addition to his salary, the employee is entitled to compensation for travel expenses to and from his regular place of work (public transportation tariffs). For most employees, overtime is paid at the rate of 125% for the first two hours and 150% for subsequent hours each day. Employees are entitled to special compensation for work on Saturdays and holidays. In addition to salary, the employer is required to pay/contribute various social benefits, as follows: Compulsory contributions: ♦ National Insurance (Social Security) - 5.90% of gross salary (in addition to the employee’s contribution). The National Insurance Institute pays compensation in respect of unemployment, disability, retirement, military reserve duty, child allowances, maternity leave, etc. ♦ Severance pay - 8.33% of gross salary. An employee dismissed from her place of work, is entitled to severance pay calculated according to the amount of her latest monthly salary for each year of employment. ♦ Sick leave - accumulation of 1.5 days per month. In many cases, the sick leave allowance may amount to 30 days per annum. Employees may accumulate up to 90 sick days. ♦ Vacation - Israeli law prescribes a minimum vacation period of two weeks annually. The number of days increases according to seniority, reaching four weeks for those employed more than fourteen years by the same employer. The vacation allowance is payable in addition to legal and religious holidays. ♦ Annual military service - the employer usually pays the employee’s regular salary, including all social benefits, for the period of military reserve duty. National Insurance reimburses the employer with the amount of the employee’s gross salary during reserve duty. BDO Israel
BDO Israel DOING BUSINESS IN ISRAEL ♦ Recuperation pay – employees are entitled to recuperation pay according to seniority at work and based on the Collective Work Agreement. The minimum amount for full time employees in the business sector is US$ 494 per annum, and this may reach approximately US$ 989 per annum. Optional contributions: ♦ Fund for postgraduate and professional studies – employer’s contribution is 7.5% - 8.4% of gross salary. The employee also contributes a fixed percentage of her gross salary to the Fund. ♦ Pension Fund - several pension schemes exist, varying in details. The employer’s contribution towards pension is in the range of 5%- 6% of the employee’s gross salary. The employee also contributes a fixed percentage of her gross salary to the Pension Fund. Miscellaneous: ♦ Some employers pay annual bonuses of 1-2 additional monthly salaries. In addition to the above-mentioned social benefits, other legislation and regulations exist to regulate working conditions, but they cannot be directly “converted” into monetary cost. Among these laws and regulations are the following: ♦ Employment of Women Law - the law protects female employees and specifies the terms and restrictions imposed on employers regarding their female employees in connection with night work, pregnant women’s rights, maternity leave, etc. ♦ Equal Opportunity in Employment Law - prohibits discrimination against employees in all matters and for any reason. ♦ Equal Pay Law - legislates female employees’ rights to equal pay for equal work with the same employer. ♦ Youth Labor Law - regulates the work conditions of individuals under 18. 51
Page 3: PREFACE This publication has been p
Page 7: 7. INVESTMENT INCENTIVES AND TRADE
Page 10 and 11: 8 THE ISRAELI ECONOMY IN 2010 The I
Page 12 and 13: 1.2.4. Fiscal Developments 10 THE I
Page 14 and 15: 12 THE ISRAELI ECONOMY IN 2010 1.2.
Page 16 and 17: 14 THE ISRAELI ECONOMY IN 2010 Comp
Page 18 and 19: 16 ISRAEL - GENERAL OVERVIEW Israel
Page 20 and 21: 2.4. ISRAEL’S CURRENCY 18 ISRAEL
Page 22 and 23: Legal holidays in 2010 and 2011 are
Page 24 and 25: 22 OVERVIEW OF ISRAEL’S HIGH-TECH
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Page 34 and 35: 32 BUSINESS STRUCTURE The Companies
Page 36 and 37: 34 BUSINESS STRUCTURE with respect
Page 38 and 39: 36 BUSINESS STRUCTURE recommendatio
Page 40 and 41: 38 BUSINESS STRUCTURE TASE regulati
Page 42 and 43: 40 BUSINESS STRUCTURE ♦ Non-profi
Page 44 and 45: 4.2.2. Prerequisites 42 BUSINESS ST
Page 46 and 47: 44 BUSINESS STRUCTURE As mentioned
Page 48 and 49: 46 BUSINESS STRUCTURE 4.3. INSURANC
Page 50 and 51: 5.1.2. Distribution of Employees 48
Page 54 and 55: 5.2. ANTITRUST LAW 52 BUSINESS ENVI
Page 56 and 57: 5.3. INTERNATIONAL TRADE 54 BUSINES
Page 58 and 59: 5.4. TRADE AGREEMENTS 56 BUSINESS E
Page 60 and 61: 5.5. PROPRIETARY RIGHTS 58 BUSINESS
Page 62 and 63: 60 ACCOUNTING AND AUDITING PERSPECT
Page 76 and 77: 74 INVESTMENT INCENTIVES AND TRADE
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100 INVESTMENT INCENTIVES AND TRADE
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106 TAXATION Under the recent tax r
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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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