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  • Israel

    AT A GLANCE

    OUR JURISDICTIONS —

    Israel

    LAST UPDATED 21/07/2023

    AT A GLANCE

    You’ll find Israel – a parliamentary republic – at the crossroads of Europe, Asia and Africa. It’s part of the Asian continent and the Middle East region. It’s located on the south-eastern shore of the Mediterranean Sea, and the northern shore of the Red Sea, and is bordered by Lebanon, Syria, Jordan and Egypt. 

    The Israeli capital is Jerusalem, its currency is the shekel (ILS) and the two official languages are Hebrew and Arabic. 

    With otherwise limited natural resources, Israel has depended on imports of crude oil, grains, raw materials, and military equipment. Recent discoveries of natural gas off the coast of Israel have been welcome developments. Israel has an advanced market economy and has significantly developed its agricultural and industrial sectors in the last couple of decades.

    Israel’s main exports are cut diamonds, high-technology equipment, and agricultural products. Its GDP growth is expected by the Bank of Israel to increase by 5.5% in 2022.

    Our local Tax Natives in Israel can tell you everything you need to know about the ins and outs of your tax obligations there. Whether you’re buying a single property, or doing complex business deals, we’ll get you the advice you need. Just say the word and we can link you with a local expert who can answer all your questions. 

    THE HEADLINES

    • The corporate income tax rate in Israel is 23%
    • The rate of personal income tax in Israel is up to 50%
    • The standard VAT rate is 17%

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