ICL (TASE: ICL: NYSE: ICL) (previously Israel Chemical compounds) described in its next quarter 2022 money assertion that it has agreed to spend royalties of $188 million (NIS 640 million) for extra gains made from Israel’s normal sources between 2016 and 2020.

ICL stated it has arrived at an being familiar with with the Israeli Tax Authority and settled the dispute about the Israeli Law for Taxation of Revenue from All-natural Methods. The settlement delivers closing assessments for the tax decades 2016 to 2020, as effectively as outlines understandings for the calculation of the levy for the decades from 2021 and onwards. Market sources estimate that by the conclude of 2022, ICL would have paid NIS 2 billion into Israel’s sovereign prosperity fund.




Linked Posts




ICL reviews file success, raises guidance



Citizens’ Fund investment chief: Our horizon is 40-50 a long time







ICL claimed, “The firm welcomes the conclusion of the dispute, which was achieved right after the summary of the talks, and prevented lawful proceedings around several decades and gives company certainty for the coming years.”

The dispute commenced in 2018. When the state envisioned royalties of about NIS 400 million on a yearly basis for extra profits on potash and other organic means, ICL insisted that it had no tax legal responsibility due to an appraisers’ impression indicating that its preset procurements amounted to $6 billion – a determine considerably increased than government assessments.

The new tax on the surplus income was introduced pursuing the Sheshinski 2 Committee in 2014. A lot of the cash owing to be paid out into the sovereign prosperity fund will arrive from Israel’s offshore purely natural fuel production. After 4 decades of sluggish gas generation in which the start out of functions of the fund was delayed, the sovereign prosperity fund was ultimately opened in Might, with gathered payments of NIS 1.14 billion.

Printed by Globes, Israel business enterprise news – en.globes.co.il – on July 27 2022.

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


More Stories
Vidyard Report Reveals Sales Teams Using Video Have Increased Response Rates, Reduced Deal Cycles
How to Make an Effective Sales Rollout Plan with Video
2021 Video in Business Awards Winners Announced