ICL to pay NIS 2b into Israel sovereign wealth fund
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ICL (TASE: ICL: NYSE: ICL) (formerly Israel Chemicals) documented in its next quarter 2022 monetary statement that it has agreed to fork out royalties of $188 million (NIS 640 million) for extra gains created from Israel’s pure methods between 2016 and 2020.

ICL said it has arrived at an comprehension with the Israeli Tax Authority and settled the dispute concerning the Israeli Legislation for Taxation of Revenue from Normal Methods. The settlement presents remaining assessments for the tax yrs 2016 to 2020, as perfectly as outlines understandings for the calculation of the levy for the several years from 2021 and onwards. Market place sources estimate that by the conclusion of 2022, ICL would have compensated NIS 2 billion into Israel’s sovereign prosperity fund.




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ICL explained, “The company welcomes the stop of the dispute, which was reached right after the conclusion of the talks, and prevented lawful proceedings around lots of a long time and delivers small business certainty for the coming decades.”

The dispute began in 2018. While the condition anticipated royalties of about NIS 400 million annually for excessive revenue on potash and other normal assets, ICL insisted that it had no tax liability because of to an appraisers’ opinion expressing that its preset procurements amounted to $6 billion – a figure much higher than govt assessments.

The new tax on the surplus profits was released next the Sheshinski 2 Committee in 2014. Considerably of the revenue owing to be compensated into the sovereign wealth fund will appear from Israel’s offshore pure fuel output. Following 4 years of sluggish gas generation in which the commence of operations of the fund was delayed, the sovereign wealth fund was eventually opened in May, with accumulated payments of NIS 1.14 billion.

Released by Globes, Israel enterprise information – en.globes.co.il – on July 27 2022.

© Copyright of Globes Publisher Itonut (1983) Ltd., 2022.