ICL to pay NIS 2b into Israel sovereign wealth fund
ICL (TASE: ICL: NYSE: ICL) (previously Israel Chemicals) claimed in its next quarter 2022 money assertion that it has agreed to shell out royalties of $188 million (NIS 640 million) for surplus income made from Israel’s natural assets among 2016 and 2020.

ICL reported it has achieved an being familiar with with the Israeli Tax Authority and settled the dispute concerning the Israeli Law for Taxation of Revenue from Normal Sources. The settlement presents remaining assessments for the tax several years 2016 to 2020, as properly as outlines understandings for the calculation of the levy for the many years from 2021 and onwards. Sector resources estimate that by the end of 2022, ICL would have paid NIS 2 billion into Israel’s sovereign wealth fund.




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ICL said, “The enterprise welcomes the conclusion of the dispute, which was arrived at after the conclusion of the talks, and prevented lawful proceedings above numerous yrs and delivers business certainty for the coming decades.”

The dispute started in 2018. Even though the state anticipated royalties of about NIS 400 million annually for excessive gains on potash and other natural sources, ICL insisted that it had no tax legal responsibility due to an appraisers’ viewpoint indicating that its fastened procurements amounted to $6 billion – a figure significantly larger than authorities assessments.

The new tax on the excess income was released following the Sheshinski 2 Committee in 2014. A lot of the money due to be compensated into the sovereign wealth fund will occur from Israel’s offshore normal gasoline manufacturing. Immediately after 4 yrs of sluggish fuel manufacturing in which the begin of operations of the fund was delayed, the sovereign wealth fund was ultimately opened in May well, with accrued payments of NIS 1.14 billion.

Revealed by Globes, Israel small business information – en.globes.co.il – on July 27 2022.

© Copyright of Globes Publisher Itonut (1983) Ltd., 2022.


