Check Point Paying $147 Million Tax on 'Trapped Profits'

Gov't says its trapped profits drive is huge success.

Moti Bassok
Moti Bassok
Send in e-mailSend in e-mail
Moti Bassok
Moti Bassok

Check Point Software Technologies says it will pay the Tax Authority NIS 520 million ($147 million) within a month, putting at NIS 4.3 billion the sum the government has collected from companies freeing up so-called trapped profits. The Tax Authority had targeted a total of NIS 3 billion in the program.

Check Point's announcement came at 11:45 P.M. Monday night, 15 minutes before the program expired.

Trapped profits are funds that large companies accumulated under the old Encouragement of Capital Investments Law, under which firms received tax breaks in return for investing in Israel.

“After intensive talks between the Tax Authority and the various companies, a large portion of the trapped profits was released and tax was paid on it according to the law, to the benefit of Israel’s citizens and the state," Moshe Asher, the director general of the Tax Authority, told TheMarker. "The fact the government’s goal of NIS 3 billion was surpassed by NIS 1.3 billion — almost 50 percent — is no trivial matter. Without a doubt it’s a great success.”

Check PointCredit: Ofer Vaknin

Click the alert icon to follow topics:



Automatic approval of subscriber comments.
From $1 for the first month

Already signed up? LOG IN


The Orion nebula, photographed in 2009 by the Spitzer Telescope.

What if the Big Bang Never Actually Happened?

בן גוריון

'Strangers in My House': Letters Expelled Palestinian Sent Ben-Gurion in 1948, Revealed


AIPAC vs. American Jews: The Toxic Victories of the 'pro-Israel' Lobby

Bosnian Foreign Minister Bisera Turkovic speaks during a press conference in Sarajevo, Bosnia in May.

‘This Is Crazy’: Israeli Embassy Memo Stirs Political Storm in the Balkans

Hamas militants take part in a military parade in Gaza.

Israel Rewards Hamas for Its Restraint During Gaza Op

Palestinians search through the rubble of a building in which Khaled Mansour, a top Islamic Jihad militant was killed following an Israeli airstrike in Rafah, southern Gaza strip, on Sunday.

Gazans Are Tired of Pointless Wars and Destruction, and Hamas Listens to Them