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Value Added Tax (VAT)

Value Added Tax in Israel

Brooks Keret specialist firm and the industry leader is outsourced financial management solutions.

Brooks Keret provides solution for the VAT and local accounting for multinational businesses operating in Israel.

We understand your business demands dealing with complex VAT financial and compliance issues this is why we can provide your business with the complete service you require with higher degree of compliance.

With over 100 employees, we service more than 300 clients in Israel. Combining this Knowledge, resources and extensive experience ensures you receive the best service.

Brooks Keret- VAT Fiscal Representative

Multinational Companies are required by the local tax authorities to appoint VAT fiscal representatives. 

Our Fiscal representative is responsible for the correct management and settlement of VAT on behalf of companies, in accordance with the local regulations.

 The Role of the fiscal representative

The tax authorities regard a fiscal representative as the local agent of the foreign company.  In many cases, the Fiscal Representative is still held jointly and severally liable for the taxes of the company.

We will make sure your VAT declarations are submitted accurately, on time, and in full compliance

with all legal formalities.

Fiscal Representative is required by the local tax to ensure that:

  • The company is properly registered with the local tax office
  • The company is fully compliant with rules on invoicing, VAT treatment, exchange rates
  • Accounting records are maintained to exacting local standards,  and that they are    readily available for inspection by the tax authorities
  • All VAT and associated filings are correctly prepared and submitted
  • Enquiries and tax inspections from the VAT office are professionally handled

  The Benefit of working with Brooks Keret: 

  • Compliance
  • Brooks Keret will ensure your company is operating with absolute compliance in Israel 

Single point of contact

You will work with senior manager and team of professionals to secure compliance with Israeli local tax authorities.

Our team leader will give you personal attention and will deal with the content of your questions; we are always able to speak to you with full knowledge of the matter at hand.

Integrated

We provide a whole package of financial services: VAT, Bookkeeping controlling and payroll. We assist our clients with tax and legal advice regarding visa issues

Fast

Our philosophy is that our tea, leader must be available at all times, must deliver advice of the highest quality and must work efficiently.

 

Is it possible to register for VAT through a representative?

You may register for VAT through a representative: a lawyer or accountant, or qualified tax advisor.

The company needs to give the representative power of attorney, so that he can make the registry for the company.

Who must register?

Self employed individuals, partnerships and companies, that are selling a property, a commodity, goods or providing a service.  

When is the date of tax liability?

In most cases, the tax is billed upon delivery of goods or provision of service. Within two weeks of this date you must get an invoice. However, there are transactions in which the date of billing is a payment, and for these transactions you will have an invoice within one week from the date of payment.

When should I submit the periodic report?

A Company must submit the report within 15 days of the end of the reporting period.

For example: Report 1.13 will include all transactions made between 1.1.13 and 31.1.13 , and shall be submitted no later than 15.2.13.

If you report every two months, your reporting period is for two months.

For example: Report 1.13 -2.13 will include all transactions between 1.1.13 and 31.2.13 and will be submitted no later than 15.3.13.

Both reports must be submitted on time.