The Tax Authority claims Israel Chemicals subsidiaries Dead Sea Works and Rotem Amfert Negev are not entitled to tax benefits under the Law for the Encouragement of Capital Investment.
The Israel Tax Authority is demanding that Israel Chemicals Ltd. (TASE: ICL) pays additional tax of $230 million (NIS 805 million) above the amount it has already paid for the 2009,2010 and 2011 tax years.
The Tax Authority claims that Israel Chemicals subsidiaries Dead Sea Works and Rotem Amfert Negev are not entitled to tax benefits under the Law for the Encouragement of Capital Investment due to amendment 60 which came into effect in 2005.
Israel Chemicals said it, "Disputes the position of the Tax Authority and has a legal opinion supporting its own position. The company plans contacting the Tax Authority assessor."
Published by Globes [online], Israel business news - www.globes-online.com - on December 31, 2013
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