Israel in 11th Hour Bid to Get NIS 2 Billion in 'Trapped Profit' Taxes From Major Firms

It is estimated that various firms have accumulated NIS 120 billion in accumulated profits that are the product of a law that encouraged firms to invest in Israel and defer payment of taxes in the process.

The Tax Authority at the Finance Ministry is making supreme efforts to convince three major Israeli companies to pay taxes on their so-called "trapped profits" — accumulated profits that are the product of a law that encouraged firms to invest in Israel and defer payment of taxes in the process.