The pending protocol to the 1997 income tax treaty between Israel and Romania was signed on 3 November 2020. The protocol is the first to amend the treaty and includes the following changes:
- Article 2 (Taxes Covered) is updated, including that the treaty covers Romanian income tax and profit tax and covers Israeli income tax and company tax (including tax on capital gains and taxes imposed under the Petroleum Profits Taxation Law 5771-2011) and tax imposed on gains from the alienation of pro…