Diamonds industry 

Our firm has extensive experience in the field of diamonds and is knowledgeable in the manner of accounting reporting and taxation in the diamond industry, the special reports that apply to diamond dealers and those engaged in gemstones and Diamonds, are defined in the Income Tax Ordinance, as those who engaged in or part of their business diamond processing, diamond trading or brokerage, when the law applicable to them in the Income Tax Ordinance also applies to dealers in emeralds, rubies and sapphires.

In addition, according to section 130 of the Income Tax Ordinance, the assessee may determine the diamond income if the income is unreasonable in his view.

Accordingly, a calculation is made each year by the tax authorities that includes criteria that stipulates that if the diamond income meets the report, it is considered reasonable.

 

See a link to the Tax Authority regarding the obligation to report income and expenditure to Israel: http://ozar.mof.gov.il/taxes