Israeli Tax Authorities Target Diamond Industry

Finance and Trade
24/11/2016 19:35

According to a report on the Israeli news site Hamodia, the country's tax authorities, following Israels commitments to the US and international organizations to apply a more stringent anti-money laundering policy, are targeting the Israeli diamond industry, generally considered the biggest offenders in this domain. Officials said that as of January 1st, the administration will go after tax fraud more agressively, implementing extended powers of investigation and enforcement. The article states that the competent authority has informed the diamond community that a period of amnesty will be applied for those who voluntarily disclose income and assets but provides no details on the time frame of this measure.