Rumors have it that a new Israeli Voluntary Disclosure Program (Israeli VDP) will be announced in September 2017. This was mentioned by an Israeli Tax Authority representative during the tax forum meeting of the Israeli Bar Association. In the event that all conditions of the program are met, which includes a voluntary disclosure made of good faith effort, the taxpayer will be able to disclose the unreported income, and pay the taxes due. In return the Israel Tax Authority, with the approval of the Criminal State Attorney, will not recommend criminal prosecution against these taxpayers.

It is still not clear if this new program will include the provisions that existed in the previous program that ended at the end of 2016, the Anonymous Track and the Fast Track.

The Anonymous Track- this track enabled the taxpayer to come forward anonymously in order to check out the tax liability and upon which the taxpayer had a limited time frame to expose his name and his full details in order to participate in the program.

The Fast Track-when the total unreported capital included in the voluntary request did not exceed NIS 2,000,000 and the unreported income derived from it did not exceed NIS 500,000, the taxpayer could submit his request using an expedited track, known as the Fast Track, together with his amended returns. If the request was approved, the taxpayer would receive a payment voucher. Once this voucher was fully paid by the time limit indicated on it, the taxpayer would receive notification stating that no criminal investigation would be opened regarding the information he had disclosed.  

More details of the new program will be released in the upcoming months.