Israeli Parliament approves tax reform proposals including a corporate tax rate increase

On December 5, 2011 the Israeli Parliament approved new tax legislation (the "reform" or the "amendments"). The reform, amongst other changes, contains increases to both the corporate and high-income taxpayers' tax rates, and provides relief to middle-income taxpayers. The reform is based on a government-appointed committee proposal after reviewing Israel's social and economic welfare with the purpose of reducing the cost of living for middle and lower class taxpayers.