TAX ALERT - Double Tax Agreement with Israel now in force
Introduction
On 28 March 2019, Australia and Israel signed the first ever Double Tax Agreement (DTA) between the two countries. The Australian Government stated that the treaty will strengthen friendships and commercial relationships, create further opportunities for bilateral trade and investment between the two countries.
The DTA will also provide a legal basis for the exchange of taxpayer information between tax officials in respect of taxes covered by the treaty.
On 14 November 2019, the Australian Parliament passed legislation to give effect to the new DTA and introduce it into our tax law system.