On 12 October 2020, Israel released for consultation an updated proposal to amend the proposed 2017 bill (Income Tax Ordinance No. 238 5777-2017) on the transfer pricing documentation requirements. The updated proposal would require Israeli entities in multinational groups to collect information and complete the Master file, Local file, and Country-by-Country report if their consolidated turnover exceeds ILS 3 billion (approximately EUR 750 million). The updated proposal would also require c…