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Editorial

New Temporary Tax Relief for "Trapped Earnings"

December 2012 - Tax & Private Client. Legal Developments by Herzog Fox & Neeman .

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On November 5, 2012 the Israeli Parliament (Knesset) adopted a proposal of the Israeli Ministry of Finance and passed legislation providing for a temporary tax relief with respect to the recapture tax applicable to certain Israeli companies holding undistributed earnings that were previously exempt from Israeli corporate income tax under tax incentive programs.

This note provides a brief description of the background for this new provision and summarizes its main aspects.

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