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Australia Ratifies Pending Tax Treaty with Israel — Orbitax Tax News & Alerts

On 28 November 2019, the Australian Treasury Laws Amendment (International Tax Agreements) Bill 2019 received royal assent (was enacted) as Act no. 107 of 2019, which provides for the ratification of the pending income tax treaty with Israel. The treaty, signed 28 March 2019 ({News-2019-04-01/T/2-previous coverage}), is the first of its kind between the two countries and will enter into force once the ratification instruments are exchanged. It will apply in Israel from 1 January of the year following its entry into force and will apply in Australia in respect of withholding taxes from 1 January next following its entry into force, in respect of fringe benefits tax from 1 April next following its entry into force, and in respect of other taxes from 1 July next following its entry into force.