Israel Plans to Exempt Foreigners from Crypto Taxation
Main page News, Taxation, Cryptocurrency
Hot topic
July 6, 2023

Israel's parliament has just approved the preliminary reading of a bill aimed at completely exempting foreigners who own digital assets from taxes.

The initiative provides for a reduction of taxes on the sale of crypto options for employees of affiliated companies from 50% to 25%. The document also proposes to use the term "digital currency" separately from "security."

The upcoming law should reportedly increase the country's attractiveness to foreign investors.

Subscribe to our Telegram channel to get weekly short digests about events that shape the crypto world

Dan Illouz, a parliamentarian from the country, has explained:

"Until now, employees in the crypto industry have had to pay twice as much tax on options compared to employees in the traditional high-tech industry. In addition, foreign residents did not have the same benefits in the blockchain sector as classic investors. This amendment aims to balance the situation and eliminate tax discrimination."

According to him, the proposal has received the support of the coalition government headed by Prime Minister Benjamin Netanyahu.

Read also:
Please describe the error