ICL to pay NIS 2b into Israel sovereign wealth fund
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ICL (TASE: ICL: NYSE: ICL) (formerly Israel Chemical compounds) reported in its next quarter 2022 economic assertion that it has agreed to spend royalties of $188 million (NIS 640 million) for surplus profits manufactured from Israel’s normal sources in between 2016 and 2020.

ICL reported it has attained an knowing with the Israeli Tax Authority and settled the dispute concerning the Israeli Law for Taxation of Profits from Natural Sources. The settlement offers closing assessments for the tax several years 2016 to 2020, as well as outlines understandings for the calculation of the levy for the many years from 2021 and onwards. Market place resources estimate that by the conclude of 2022, ICL would have paid out NIS 2 billion into Israel’s sovereign prosperity fund.




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ICL said, “The company welcomes the stop of the dispute, which was achieved right after the conclusion of the talks, and prevented legal proceedings above numerous many years and gives company certainty for the coming several years.”

The dispute started in 2018. Whilst the point out anticipated royalties of about NIS 400 million annually for excessive gains on potash and other purely natural assets, ICL insisted that it experienced no tax legal responsibility owing to an appraisers’ view declaring that its preset procurements amounted to $6 billion – a figure considerably better than govt assessments.

The new tax on the excess income was introduced pursuing the Sheshinski 2 Committee in 2014. A lot of the money due to be paid out into the sovereign wealth fund will occur from Israel’s offshore natural gasoline output. Right after 4 yrs of sluggish fuel manufacturing in which the begin of functions of the fund was delayed, the sovereign prosperity fund was finally opened in May well, with accrued payments of NIS 1.14 billion.

Printed by Globes, Israel organization information – en.globes.co.il – on July 27 2022.

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


