PwC's Managing upstream risk: Regulatory reform review - An asian perspective August 2013

2.4 FATCA and International Taxation Update The OECD on 31 July 2013 released peer review reports assessing the tax systems of 13 jurisdictions for information exchange which will feed into the ratings assigned to 50 jurisdictions, backing G20 and Global Forum efforts to strengthen tax cooperation and stamp out cross border tax evasion. A summary of the reviews are represented in Table 2. Phase 1 – Assesses the legal and regulatory framework for transparency and EOI and the jurisdictions’ commitment to the international standard for tax information. Phase 2 – Assesses the EOI in practice and the jurisdictions’ commitment to the international standard for tax information. Table 2: OECD’s peer reviews on information exchange Jurisdiction Israel Phase 1 Summary of review • Generally ensures that ownership, accounting and banking information is available for all relevant entities and arrangements. However, in a limited number of cases, where a company has issued bearer shares, the owners of these shares may not be identifiable. • Ownership and accounting information may not be available and accessible in respect of certain trusts and new immigrant ???????????????????$?%?????????????????????????????????????????????????????????????????????????????????????????????????()1??????((?(+??$???????????????????????????????????????????????????????????????????$?!????????????????????????????????????????????????????????????????????????????5???????? ?????????????T???????????%?????????????????????????????????????????????????????????????????????????????????????????????????????????()?????((?(+??$?5??????????????????????????????????????????=$?????????????????????????????????????????????????????????????????????????????????????????????????????????????????????$?M???????????????????????????????????????????????????????????????????????????????????????????????$?Q??????????????????????????????????????????????????=$??????????????????????????????????????????????????????????????????????????????() ????((?(+??$?=$??????????????????????????????????????????????????????????????????????????????????????????????$?1???????????????????????????????????????????????????????????????????????????????????????????????????????????????() ??((?(+??$?=$??????????????????????????????????????????????????????????????????????????????????????????????$?%???????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????((??()I????????I?????I?????? ??????((0

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