While you're enjoying the outdoors
don't forget about your indoors.
Tax Treaty
Is Delayed
The Israel-United States treaty
to prevent double taxation is ex-
pected to become effective next
year and not this year as origi-
nally planned, Income Tax Com-
missioner Doron Levy said.
He said the hangup is on issues
relating to access to bank account
information.
The source of the delay is a U.S.
request for written assurances
that Israel will make available in-
formation on Israeli bank ac-
counts to make it possible to catch
tax evaders.
The provision causing the com-
motion requires the tax authori-
ties of both countries to exchange
information for the purpose of un-
covering tax avoidance.
U.S. officials are particularly
concerned that because Israeli tax
authorities have limited infor-
mation on bank accounts, Amer-
icans with bank accounts in Israel
will be able to escape U.S. scruti-
ny.
Following a review by the Is-
rael Income Tax Authority, Mr.
Levy determined there is no rea-
son why Israel could not provide
bank account information, even
if the information is not readily
available in the authority's files.
Mr. Levy noted, however, that
the information would only be pro-
vided in specific circumstances.
"There has to be some justifi-
cation for the release of such in-
formation," he said. "We are not
talking about computer printout
lists of all Americans who live in
Israel or Israelis living in the
United States."
Tel Aviv Living
Quite Expensive
Geneva (JTA) — According to a
survey released here, Tel Aviv
ranks No. 13 on a list of the
world's most expensive cities.
The most expensive is Tokyo
and the cheapest is New Delhi.
According to the survey, which
was conducted by the Corporate
Resources Group, a financial com-
pany, Tel Aviv is a more expen-
sive place to live than Los
Angeles, London, Frankfurt, Mi-
lan, Madrid, Amsterdam and
Cairo.
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