ICO Tax Treatment of Tokens in Israel

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Presentation transcript:

ICO Tax Treatment of Tokens in Israel Benny (Baruch) Yona 2018

Holders COM COM COM

Holders COM COM COM ICO token The Issuer

ICO = smart CONTRaCT Utility Tokens Securities Tokens

TAX circular Israeli Tax authorities Utility Tokens Holders of tokens tax The Issuer tax

Utility Tokens The Issuer tax Revenue in advance until the service or product is delivered the money that was accepted in the offering is considered “Revenue in advance” The Tax Charge occurs at time of the delivery of the service or product For service or product transactions that are liable for tax in Israel: Israeli Corporate tax - 23% (dividends 30%/25%) Israeli Corporate tax with a Preferred technological enterprise recognition– 12% (dividend 20%/4%) VAT charge

Utility Tokens Capital Income - Capital Gains tax (VAT free) Holders of tokens tax Revenue generated as a result of Token activity will be subject to Tax depending on the type of activities and the parties involved. Capital Income - Capital Gains tax (VAT free) Business Income, Employees - Income Tax Companies - Corporation Tax

Securities Tokens The Israeli Tax Authority has not published a tax circular yet However…. A Pre-ruling possibility exists

Israel crypto authorities FOR ICO Tax authorities Israel Securities Authority Money Laundering Authority Banks

THE CRIPTO authorities REGULATION ICO - Initial Coin Offerings TURNING INTO RCO – Regulated Coin Offerings

Thank you! BENNY )BARUCH( YONA BRACHA&CO – LAW FIRM 03-5522275 050-6210510 BENNY@law-bracha.com