Gemach Crisis: Litzman Meets with Legal and Financial Officials
Agudas Yisrael Chairman Meets with Chairman of the Bank of Israel, Minister of Justice and Government Legal Advisor to Seek Solution to Serious Problem
- Moshe Weissberg
- א' סיון התשע"ו
יעקב נחומי פלאש 90
Gemachim are in crisis mode following American laws; Minister of Health Yaacov Litzman meets with top legal and financial officials.
Following Israel banks’ informing directors of gemachim that they will be forced to close their bank accounts because of legal American directives (called FATCA); Litzman met with Minister of Justice Ayelet Shaked, Government Legal Advisor Avichai Mandelblit and Chairman of the Bank of Israel Karnit Flug along with top Bank of Israel officials to seek a solution.
Litzman notes that small gemachim will have no problem complying with the American law, for non-profits that receive less than 30 deposits totaling less than 50,000 shekalim are not included in the American definition of a financial institution. As for larger gemachim, the goal is now to see that the tax authorities send written confirmation that they are public institutions according to tax category definition and as such will have no problems working with local banks.
Following Israel banks’ informing directors of gemachim that they will be forced to close their bank accounts because of legal American directives (called FATCA); Litzman met with Minister of Justice Ayelet Shaked, Government Legal Advisor Avichai Mandelblit and Chairman of the Bank of Israel Karnit Flug along with top Bank of Israel officials to seek a solution.
Litzman notes that small gemachim will have no problem complying with the American law, for non-profits that receive less than 30 deposits totaling less than 50,000 shekalim are not included in the American definition of a financial institution. As for larger gemachim, the goal is now to see that the tax authorities send written confirmation that they are public institutions according to tax category definition and as such will have no problems working with local banks.
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