In an interview for Globes, Adv. Doron Levy reviewed the main points of proposed revisions to the Arrangements Law concerning the tax amendments: “The rapid development of technology is often ahead of the authorities, and therefore the draft bill also addresses digital assets and the promotion of the regulation regarding activity in those assets”.
Adv. Levy added: “It is proposed to clarify, in the tax legislation, the classification of all types of digital assets, including in the VAT Law, the methods of proving the “cost” and “purchase date” of the digital asset, the classification of the asset location according to the residency of the digital asset owner and its connection to an asset or a service in Israel, the provisions regarding the reporting obligation duty date, the withholding tax, and the payment of advances in relation to income from digital assets”.
