Israel, a parliamentary republic, is located on the eastern shore of the Mediterranean Sea. It is bordered by Lebanon and Syria to the north, Jordan to the east, and Egypt to the southwest. The capital of Israel is Jerusalem, and its currency is the shekel (ILS). Currently, there are two official languages in Israel: Hebrew and Arabic.
Israel has a technologically advanced market economy that depends on imports of crude oil, grains, raw materials, and military equipment. Recent natural gas discoveries off the coast of Israel have been a positive development for Israel, which otherwise has limited natural resources. Israel also has intensively developed its agricultural and industrial sectors over the past 20 years. Cut diamonds, high-technology equipment, and agricultural products (fruits and vegetables) are the leading exports. The Bank of Israel expects gross domestic product (GDP) growth in the Israeli economy to increase by 2.9% in 2020.
PwC Israel, the leading professional tax services firm in Israel for decades, was founded in 1924 by CPA Robert D. Kesselman from New York. PwC Israel is organised around industries to share the latest research and points of view on emerging industry trends, develop industry-specific performance benchmarks based upon global best practices, and share methodologies and approaches in complex areas such as financial instruments and tax provisioning, with specific focus on these industries by sectors:
- Oil and gas.
- Banking and capital markets.
- Education and non-profit.
- Entertainment and media.
- Financial services.
- Industrial manufacturing.
- Retail and consumer.
- Transportation and logistics.
In addition to audit, assurance, and financial consulting, PwC Israel offers tax services, including, amongst others, advisory and strategic planning in the areas of both Israeli and international tax, corporate tax, mergers and acquisitions, transfer pricing, indirect taxes, property tax, personal income tax for foreign and Israeli tax residents, as well as access to the Israeli Tax Authorities computerised database used for tracking details of claims and progress of tax assessments.