Israel Tax Changes for 2017 include Corporate Tax Rate Cut and Amended Incentives

A number of tax-related changes are introduced in Israel for 2017 as part of reforms approved by the Knesset (parliament) at the end of December 2016. The main changes, which generally apply from 1 January 2017, are summarized as follows.

Corporate and Individual Tax Rates

• The corporate tax rate is reduced from 25% to 24% in 2017, and will be further reduced to 23% in 2018;
• The individual income tax brackets and rates are adjusted as follows:
  • up to ILS 74,600 - 10%
  • ILS 74,601 up to 107,04…