Israeli Government approves proposed tax reform including an increase in the Corporate Tax Rate

On October 30, 2011, the Israeli Government approved a significant proposal to reform certain aspects of the Israeli tax rules (the "Proposal"). The Proposal was recommended by a special committee (the "Committee"), which was headed by Professor Manuel Trachtenberg, and appointed by the Government on August 8, 2011 to review Israel's social and economic welfare with the purpose of reducing the cost of living for middle and lower class taxpayers.