While this is an important first step, there is evidence that the effects are modest and that more needs to be done.6 Moreover, in addition to tax evasion, the public is also saddled with substantial losses due to t a x avoidance stemming from profit-shifting strategies implemented by international corporations.7 The reason is simple: our tax codes are outdated and not ready for the digital age, in which it is possible to shift profits around the world.
The Bank of Israel’s position is that under the circumstances created, the new outline provides a reasonable response to the needs of the economy, particularly for the purpose of speeding up the connection of an additional natural gas pipeline and the promotion of development of the Leviathan and Karish and Tanin reservoirs.