AICC welcomes Tax Treaty
The Australia-Israel Chamber of Commerce has welcomed the signing of the Double Taxation Agreement between Australia and Israel.
Leon Kempler
Marcus Mandie, Victorian Chief Executive Officer attended the signing ceremony held in Canberra.
Leon Kempler, National Chairman of the Australia-Israel Chamber of Commerce stated: “The signing of the Double Taxation Agreement between Australia and Israel will strengthen economic and financial links between Australia and Israel, provide greater investment certainty and reduce the cost of doing business.”
Mr Kempler said the Double Taxation Agreement had the potential to reap multiple benefits for both countries as it would accelerate knowledge transfer and see taxation reduced, especially in the areas of royalties in dividends and interest payments.
With the increased volume of Trade Missions, business investments and technology transfers, the agreement is particularly welcomed,” added Marcus Mandie.
There are now 20 Israeli companies listed on the ASX and we expect more to list in the coming months.” Mr Mandie concluded.
Tax treaties function to prevent double taxation. A tax treaty between Australia and Israel will therefore guarantee that Australian and Israeli companies doing business in both jurisdictions will not be double taxed on the same income.
