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5.5. PROPRIETARY RIGHTS 58 BUSINESS ENVIRONMENT Israel is a member of international agreements regarding intellectual proprietary rights. The following section summarizes legislation regarding patents, trademarks, copyrights, etc. 5.5.1. Patents The Patent Act, 1967, regulates the protection of patents in Israel. Regular patents are protected for 20 years from date of application, while “patents of addition” are protected for the unexpired terms of the main patent. Patents may be granted on the invention of a product or process which is innovative, and which was never previously used or published. 5.5.2. Trademarks The Trademarks Ordinance, 1972, and its provisions regulate the protection of trademarks in Israel. This protection is granted for an initial period of ten years, and may subsequently be renewed for further periods of fourteen years each, indefinitely. However, a third party may challenge trademarks that have not been used for three years or more, and may request their revocation. 5.5.3. Copyrights The Israel Copyrights Law regulates the protection of original literary, musical, artistic, and dramatic works. The protection is granted for the lifetime of the creator plus 50 years for musical and artistic works, and 70 years for literary and dramatic works. Computer programs are protected under this law as well. 5.5.4. Commercial Torts The Commercial Torts Law 1999 is relatively new in the proprietary rights field, and still in its first years of exercise in Israel’s business and legislative environment. The Commercial Torts Law incorporates several commercial torts, mainly exercised as common law by the Israeli courts up until their reversal into legislation, such as unfair interference to a business, passing-off, false description and etc. The innovativeness of the Commercial Torts Law applies especially in regards to the remedies enacted by it, for example the Anton Pillar court order. BDO Israel
6. ACCOUNTING AND AUDITING PERSPECTIVES 6.1. BACKGROUND Generally Accepted Accounting Principles in Israel (Israeli GAAP) and Generally Accepted Auditing Standards in Israel (Israeli GAAS) are basically similar to the corresponding principles and standards of the International GAAP and GAAS. This chapter reviews Israeli GAAP and GAAS, to enable the reader to take these principles and standards into consideration when reading and evaluating audited financial statements prepared in accordance with Israeli GAAP. Commencing January 1, 2008 the accounting principles applicable to Israeli companies depend on the statutory position of each organization (banks and credit card companies apply different GAAP - see Section 6.3 below). Non listed companies continue to apply Israeli GAAP. However, the accounting framework for listed companies has changed, requiring mandatory application of IFRS from 2008, or a choice of early application of IFRS. New IFRS and Interpretations have been adopted in Israel as published by the IASB, without an endorsement process. This unique approach of mandatory application of IFRS "as is" without exceptions, exposes listed companies to all frequent changes published by the IASB. By contrast, EU listed companies must wait till the end of an endorsement process conducted by the EU after consulting with the EFRAG (European Financial Reporting Advisory Group). Since the adoption of IFRS, the Israeli Accounting Standards Board ('the Board') has been required to examine whether the accounting treatment chosen by first time adopters is in line with IFRS. In addition, the Board had considered certain accounting issues arising due to IFRSs adoption in Israel. The Board examined and concluded upon the following issues: IAS 1 (1) , requirement to present additional statement of financial position as of the beginning of the earliest comparative period when there is a change in accounting policy, restatement or reclassification: In December 2010 the Board clarified that an entity applying an accounting principle retrospectively, restating its financial statements or reclassifying items therein, shall present an opening statement of financial position as at the beginning of (1) IAS 1 - Presentation of financial statements BDO Israel 59
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PREFACE This publication has been p
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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
Page 32 and 33: OVERVIEW OF ISRAEL’S HIGH-TECH IN
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 52 and 53: 50 BUSINESS ENVIRONMENT As of Janua
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 62 and 63: 60 ACCOUNTING AND AUDITING PERSPECT
Page 76 and 77: 74 INVESTMENT INCENTIVES AND TRADE
Page 108 and 109: 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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