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Israel Cracks Down on Unregistered Professional Partnerships
Israel's Ministry of Justice is demanding that 22,370 unregistered professional partnerships register within 45 days or face sanctions and tax investigations. This move follows a state comptroller's report revealing significant tax losses due to lax enforcement.
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What happened
- 0122,370 unregistered professional partnerships in Israel received warning letters to register within 45 days.
- 02Failure to register will result in sanctions and referral to tax authorities for underpayment checks.
- 03A state comptroller report cited years of lax enforcement leading to hundreds of millions in lost tax revenue annually.
- 04Approximately 43,000 partnerships operated between 2017-2023, with 93% unregistered, generating 1.535 trillion shekels.
- 05The penalty for non-registration has not been updated since 1975 and is now negligible.
The partnerships, popular among professionals, are tax-transparent but often used to underreport income. A negligible fine for non-registration has been in place since 1975.
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