Israel Raises $1.24 Billion in Taxes on 'Trapped Profits’

Last-minute rush to file includes Check Point Software; officials forecast $510 million in new investment to follow.

The government has collected NIS 4.37 billion ($1.24 billion) in taxes from so-called trapped corporate profits, well above expectations, the Tax Authority reported Tuesday, saying it now expected companies that enjoyed the low tax rates to invest more than NIS 1.8 billion in new plants and equipment over the next five years.