June 16, 2019

"Nothing is certain but death and taxes". Adv. Daniel Paserman (CPA) TEP, Head of Tax, and Adv. Inbar Barak-Bilu (CPA) TEP, in an article for STEP Journal on estate tax in Israel.

“Nothing is certain but death and taxes”.
Since Israel applies no estate tax, Israeli tax legislation grants neither a tax credit nor a ‘step up’ with respect to estate tax paid in a jurisdiction outside of Israel. Thus, when the deceased was an Israeli tax resident who owned foreign assets subject to estate tax outside of Israel, although the foreign country may grant a ‘step-up’ in order to prevent a double taxation in the local country, this will not prevent double taxation in Israel.
Adv. Daniel Paserman (CPA) TEP, Head of Tax, and Adv. Inbar Barak-Bilu (CPA) TEP, in an article for STEP Journal on estate tax in Israel.

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