STEP Israel Annual Conference

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1 STEP Israel Annual Conference The Frustrations of Family Foundations in Israel Asher Dovev, Adv. (TEP) Head of Charities and Non-Profit Organizations Department Herzog Fox and Neeman, Tel Aviv June, 2017

2 Different types of non-profit organizations in Israel I - Amuta The most prevalent of non-profits established in Israel. A relatively uncomplicated non-profit entity. Main fundamental requirements: The Amuta is prohibited to distribute any profits, directly or indirectly, to its members, including its founders. The objects of the Amuta shall not negate the existence or democratic nature of the State of Israel. The main objective shall not be the profit-making. An Amuta s purpose can be any legal purposes that are not aimed for distribution of profits to its members.

3 Different types of non-profit organizations in Israel II- Charitable Company (CC) A legal entity incorporated as a private company and is governed by the Companies Law, A charitable company must be registered by both the Registrar of Companies and by the Registrar of Endowments. Main fundamental requirements: A charitable company must be incorporated for the promotion of one or more from a closed list of public purposes. A charitable company s articles of association must prohibit the distribution of any dividend to its shareholders.

4 Different types of non-profit organizations in Israel III- Charitable Fund (CF) Charitable Companies which meet various criteria may be registered as Charitable Funds. The Companies Law provides for three kinds of Charitable funds: Family charitable fund. Private managed charitable fund. Public managed charitable fund.

5 Different types of non-profit organizations in Israel IV- Public Endowment (PE) The endowment of monies or assets by a settlor for the benefit of the public. Governed by the Trust Law 1979, and regulations promulgated thereunder. The assets of the PE are managed by the Trustees.

6 Amuta vs. Charitable Company (I) Advantages of an Amuta: The possibility to incorporate a NPO for any legal non-profit making purpose. The possibility to include in the articles of association that only one member of the Amuta may appoint all of its management committee's members. No need to file notices about changes in the members of the Amuta and easier to manage NPOs with a large number of members.

7 Amuta vs. Charitable Company (II) Advantages of Charitable Company: The Companies Law, under which a CC is incorporated, is a relatively new and sophisticated law addressing all aspects. The possibility to allot shares to the shareholders in different holding rates. The possibility to appoint board and audit committee members who are not shareholders. The possibility to transfer shares of the CC to another shareholder.

8 Family Foundations in Israel Taxation of Family Foundations in Israel (I) (1) Tax on income: Family Foundation s income is tax exempt if the foundation meets the definition of a "public institution" according to section 9(2) and unless the income is categorized as a business income. For a Family Foundation to be recognized as a public institution, it must have two characteristics: It must have at least seven shareholders or members, of whom a majority are not related to one another. It must act for a public purpose - religion, culture, education, science, health, welfare or sport, and any other purpose approved by the Minister of Finance.

9 Family Foundations in Israel Taxation of Family Foundations in Israel (II) The exemption is not absolute and depends on the classification of the public institution's income which excludes: Income obtained from a business. Income obtained from a dividend or interest. Income obtained from a body of persons controlled by the public institution, which engages in a business.

10 Family Foundations in Israel Taxation of Family Foundations in Israel (III) (2) Tax on capital gains: A Family Foundation which is a recognized public institution is tax exempt, including on its capital gains when selling its assets (other than real estate). (3) Value added tax (VAT): Family Foundations are exempt from charging VAT. Where a Family Foundation purchases goods or services, it cannot receive any refund on VAT paid. (4) Wage tax: Family Foundations are subject to a wage tax on the total gross amount paid to its employees, currently at a rate of 7.5%.

11 Family Foundations in Israel Taxation of Family Foundations in Israel (IV) (5) Tax credit for donors: A person who makes a donation to a charitable entity is eligible to receive a tax credit under section 46 of the Income Tax Ordinance, provided that: The NPO is qualified as a "public institution", the purposes of which include the "public purposes" defined in section 9(2) of the Income Tax Ordinance. The Minister of Finance has approved the NPO as a public institution. The Finance Committee of The Knesset has confirmed the Minister of Finance's approval. The tax credit is equal to 35% of the donation. However, in any tax year the credit granted must not exceed the lower of 30% of the donor s chargeable income in that particular year or NIS 9,184,000.

12 Foundations Frustrations (I) Limitations on Control A precondition concerning the composition of the shareholders or members, effectively precludes families from establishing an Israeli family foundation, given that the regulator will not allow them to control it. The shares in a charitable company, as well as membership in an Amuta, cannot be inherited.

13 Foundations Frustrations (II) Limitations on Flexibility A requirement to define specific objectives for the charitable foundations. Difficulties and requirement for certain external approvals in changing existing objectives.

14 Foundations Frustrations (III) Limitations on the Use of Assets Charitable foundations in Israel are required to utilize their resources for the promotion of their objectives. In order to receive a certificate of proper management, a foundation may not accumulate assets or capital for a prolonged period without investing it to promote its objectives. In addition, the Foundation must have an up-to-date practical and efficient program for the use of its funds, with the aim of promoting the objectives.

15 Foundations Frustrations (IV) Supervisory requirements The nature of the Israeli regulations in the matter of Charitable Foundations is strict and technical, including reporting, disclosure and supervisory requirements. These requirements do not distinguish between a regular NPO, which raises money from public donations, and a Family Foundation, which only distributes the foundation s money to charitable purposes.

16 Foundations Frustrations (V) No tax efficiency for donors Difficulties in obtaining tax credits for the donors to family foundations, therefore in many cases, there could be a preference to donate directly to the charitable organizations. No inheritance tax in Israel and therefore less incentive to establish family charitable foundations.

17

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