On 30 June 2022, the Israeli Knesset (parliament) approved legislation for the long-delayed introduction of the three-tiered transfer pricing documentation requirements of BEPS Action 13.
The legislation, which entered into force on 5 July 2022, amends the Income Tax Ordinance to provide that ultimate parent entities of MNE groups meeting a consolidated revenue threshold of ILS 3.4 billion are required to submit a Country-by-Country (CbC) report within 12 months following the end of the repo…