Over the past 20 years, Singapore has become a tax haven for Israelis.
Hebrew daily “Yediot Ahronot” reports that Ministry of Finance income and property tax division and economic research and state revenue division officials will visit Singapore next week in an effort to eliminate one of the best tax breaks ever made available to Israeli companies. The delegation, headed by Income Tax Commissioner Tali Yaron-Eldar, wants the Singapore government to amend the 25% tax exemption on notional dividends for Israeli companies.
Over the past 20 years, Singapore has become a tax haven for Israelis. However, Israel has agreement in principle with Singapore that it will amend the tax break on dividends, and the tax haven for Israeli tax evaders will probably close in 2005.
Published by Globes [online] - www.globes.co.il - on May 11, 2004