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64 ACCOUNTING AND AUDITING PERSPECTIVES Inflation-adjusted Reporting, and Accounting Standard No. 13 - Effects of Changes in Foreign Exchange Rates. ♦ Accounting Standard No. 16 concerning Investment Property. The standard is based on International Accounting Standard 40 Investment Property. ♦ Accounting standard No. 18 (revised) - concerning Financial Reporting by general Hospitals and Health maintenance Organizations. ♦ Accounting Standard No. 19 concerning Income Tax. ♦ Interpretation concerning the accounting treatment of income tax on investments in certain enterprises, pursuant to Amendment No. 132 of the Income Tax Ordinance. ♦ Accounting Standard No. 20 (revised) concerning the Accounting Treatment of Goodwill and Intangible Assets on Acquiring a Subsidiary. ♦ Accounting Standard No. 21 concerning Earnings per Share. ♦ Accounting Standard No. 22 concerning Financial Instruments: Disclosure and Presentation. ♦ Accounting Standard No. 23 concerning the Accounting Treatment of Transactions between an Entity and its Controlling Shareholder. ♦ Accounting Standard No. 24 concerning Share-based Payments. ♦ Accounting Standard No. 25 concerning Income. ♦ Accounting Standard No. 26 concerning Inventory. ♦ Accounting Standard No. 27 concerning Property, Plant and Equipment. ♦ Accounting Standard No. 28 concerning the Amendment of Transition Requirements in Accounting Standard No. 27 - Property, Plant and Equipment. ♦ Accounting Standard No. 29 concerning Adoption of International Financial Reporting Standards (IFRS). ♦ Accounting Standard No. 30 concerning Intangible Assets. The standard is based on International Accounting Standard 38 Intangible Assets. ♦ Accounting Standard No. 31 concerning the Amendment of Accounting Standard No. 22 - Financial Instruments: Disclosure and Presentation. The Standard is effective for financial statements issued for periods beginning on or after January 1, 2008. ♦ Interpretation No. 1 concerning the accounting treatment of impairment of investment in of an investee company, which is not a subsidiary. BDO Israel
BDO Israel DOING BUSINESS IN ISRAEL ♦ Interpretation No. 3 concerning the accounting treatment of impairment of investment in a non-subsidiary foreign entity. ♦ Interpretation No. 4 concerning the translation of financial statements into Shekels from the non-Shekel reporting currency. ♦ Interpretation No. 5 concerning an investor’s accounting for an investee when the investor has a majority of the voting interest but the minority shareholder or shareholders have certain approval or veto rights. ♦ Interpretation No. 6 concerning the accounting treatment of impairment of assets of a non-subsidiary investee company. ♦ Interpretation No. 7 concerning the accounting treatment of tax benefits for non-deductible equity instruments granted to employees. ♦ Interpretation No. 8 concerning reporting of gross income as a principal versus net income as an agent. ♦ Interpretation No. 9 concerning income from software transactions. ♦ Interpretation No. 10 concerning accounting treatment of impairment of an investment in associate. New amendments to accounting standards and interpretations under Israeli GAAP Improvements to current standards (Israeli GAAP): In February 2010, in consequence of the 2008 Improvements to International Financial Reporting Standards (2) , the Board published several amendments to Israeli accounting standards, based on amended parallel International Accounting Standard, inter alia: ♦ Property under construction or development for future use as investment property: The amendment designated property under construction or development for future use as an investment property within the scope of Accounting Standard No. 16 - Investment Property. Such property previously fell within the scope of Accounting Standard No. 27, Property, Plant and Equipment. Additional guidance added for circumstances where the fair value of property under construction could not be reliably measured. Transitional provisions require the application of the amendments prospectively (for periods commencing January 1 st 2010), (2) This is the first Standard published under the IASB’s annual improvements process which includes 35 amendments to the IFRS's. Annual improvements process is intended to deal with non-urgent, minor amendments to Standards. 65
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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.
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 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
Page 108 and 109: 106 TAXATION Under the recent tax r
Page 110 and 111: 108 TAXATION (d) More than 50% of o
Page 112 and 113: 110 TAXATION 8.2.2.6. Dividends Rec
Page 114 and 115: 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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