Tax Evasion: Israeli Police Arrest First Offenders Using OECD CRS Data

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A number of high-ranking Israeli businessmen have been apprehended by the tax authorities discovered their overseas bank accounts, as a result of the new Common Reporting Standard scheme of data sharing as ongoing standard protocol in Israel since earlier this year in July, 2019.

The country’s sanction-free voluntary disclosure procedure as per the OECD is still anticipated to close at the end of this financial year, according to Israeli Law Firm Gornitzky & Co. who have been covering the implementation and its effects this year closely.