ISRAEL: Trouble ahead for Deutsche Bank

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The Deutsche Bank’s Israel branch has recently been searched last week the Chief Executive Mr Boaz Schwarz, was arrested for a series for committing VAT offences, including the unlawful reporting of transactions to the amount of over 550 million ILS however was later granted bail. The Israel Tax Authority claims that the bank reported transactions as zero-rated services to foreign residents only, although they also provided services to Israeli residents that were subject to Paying VAT at the full rate.