January 1, 2017 / 9:54 AM / a year ago

Israeli banks to begin reporting on foreigners' accounts

TEL AVIV, Jan 1 (Reuters) - Israeli financial institutions will have to start sending details of foreigners’ bank accounts to the authorities by the end of 2017, as part of a global push to boost tax collection, the Finance Ministry said on Sunday.

Israel’s tax authority will then forward the information onto the account-holders’ home countries - and, in exchange, get details of accounts held by Israelis abroad, the ministry added.

The global scheme, agreed through the Organisation for Economic Cooperation and Development (OECD), covers banks, insurance companies, investment funds and other institutions.

The ministry said it was preparing a final version of regulations to be submitted to parliament’s finance committee for approval. (Reporting by Tova Cohen)

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