JERUSALEM, July 4 (Reuters) – Israel’s government said Sunday it would require large multinational corporations to report their business on a country basis, joining an OECD push to end income tax avoidance.
The information reported by multinational corporations with revenues of at least 750 million euros ($ 890 million) will be shared with other countries as part of the Organization for Economic Co-operation and Development (OECD) project, Israel’s Treasury Department said after cabinet ministers took the measure . Israel will receive similar data from abroad.
“This will allow the tax authorities in Israel and around the world to better control the price of transactions between the parties in the group, and therefore the taxes required in each country,” the ministry said.
($ 1 = 0.8429 euros)
Reporting by Ari Rabinovitch Editing by Steven Scheer
Our Standards: The Thomson Reuters Trust Principles.