Disclosure requirements for Olim nixed from arrangements bill

A set of new requirements for new and returning Olim to fully disclose foreign financial assets was removed from the economic arrangements bill Wednesday, following intense lobbying from the Immigration and Absorption Ministry.

The new law was set to eliminate a 10-year grace period for Olim in reporting their foreign assets, including assets and activities of companies they controlled. Since a 2008 law encouraging Aliya passed, the 10-year grace period has been part of a set of wide-ranging benefits meant to make the process of moving to Israel easier and less financially burdensome.

Had the law gone through, as of January newcomers would have had a one-year period to report their foreign assets instead.

Source: http://www.jpost.com/Israel-News/Politics-And-Diplomacy/Disclosure-requirements-for-Olim-nixed-from-arrangements-bill-412610

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