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Israel

Overview of country specific accounting and VAT/Tax legislation

Accounting Requirements

Accounting Books:

  • Annual Balance Sheet and P&L (6111)

Other Requirements:

  • Official currency rate to be used for transactions
  • Inflation reports on Fixed Assets
  • Official Cash/Check Receipts Document
  • Open Format Data File

VAT/Tax Requirements

Applicable types:

  • VAT – different classifications of business partner/type
  • Import VAT
  • Withholding tax on payments

VAT/Tax Books:

  • VAT Ledger of purchase and sales
  • Monthly Electronic VAT File
  • Monthly WHT Report
  • Yearly Withholding Tax File 856
  • Yearly WHT Certificates

VAT/Tax Documents:

  • Invoice template
  • Withholding tax Certificate

Usual Business Requirements

  • Future dated checks
  • E-Bank Statement (reconciliation)
  • Check Printing

Requirements that exist in most countries, e.g. documentation of transactions, Annual Accounts or periodic reporting of VAT totals, are NOT listed above if no specific legislation exists about format or content.

DISLAIMER: No responsibility is taken of the correctness of above information. The specific accounting and VAT/Tax requirements for a company should always be confirmed with local auditors. The listed issues may not be applicable for all types of companies as well as additional issues may exist depending on the specific type of business.