Shraga Brosh, Association president and business organization - resigns

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by Ifi Reporter Category:Capital Market Sep 22, 2019

 Association president and business organization president Shraga Brosh resigns his office several days after the State Attorney's Office announces that he will file charges against him and his brother, Yariv Brosh, subject to a hearing. 2005.
Brosh convenes the members of the Manufacturers Council, and in his remarks he will refer to the Attorney General's intention to prosecute him at the hearing. In a statement, he is expected to say, among other things, that "my commitment to the industry and association has intensified over the years as the state of the industry becomes more difficult and our economic reality has become more challenging. Based on the same sense of responsibility and the same set of values ​​we were all educated for, and following a decision made several Days to consider my prosecution subject to hearing, my heart does not allow me to continue my duties. "
Brosh will add: "As a normative person, the issue struck me as a thunderstorm on a clear day and I would like to clarify it, but I will do so as a private person and not a public person. I am not prepared for this precious home to be affected even with a little personal interest. I will complete my role wholeheartedly, with a sense of love, responsibility And dedication to the association and to you - the industrialists. "
Cypress and his brother are suspected of receiving something fraudulently under aggravating circumstances, falsifying a document and using fraud, deceit and fraudulently - to evade tax payment.
The cypress is suspected to have raised NIS 1.55 million in tax through a fake letter he filed with the tax authorities. This is a letter that was predicted to be one written in 2014 but is suspected to have been edited and written later. Suspicion against Cypress arose when the taxpayer found that the form he had filed with her did not even exist in 2014.
The hearing letters sent to Cypress and his brother, who previously served as chairman of the Metal Industries Association of the Manufacturers Association, indicate that the two held shares in ELA Investments Ltd., equally. Thus, the company held shares in the richard natural gas company Ltd. established to engage in the purchase of natural gas from the Tamar drilling rig and its sale to customers. During 2015, ELA sold part of its shares in the wealthy company and the transaction yielded a capital gain of Of about NIS 8.6 million.

 Shraga Brosh will be prosecuted subject to hearing: The Taxation and Economy Attorney's Office has informed Brosh, his brother rival Brosh and accountant Michael Bar Levav that she is considering prosecuting a hearing on suspicion of fraudulently under aggravated circumstances, forgery and fraudulent use, fraud .
It is suspected that through a false document that Cypress sent to the tax authorities in 2017, he and his brother evaded a NIS 1.55 million tax payment on a transaction they made through a company they owned.
According to the hearing, Shraga Brosh and his brother Yariv held equal shares in the shares of ELA Investments, which owned a wealthy natural gas company, which was established to buy natural gas from the Tamar drilling rig and sell it to customers. During 2015, ELA sold some of its shares in the wealth company. This sale resulted in a capital gain of NIS 8.6 million to ELA.
Under Section 64A of the Income Tax Ordinance, a company whose members are family members and who, three months after its inception, applied to be recognized as a family company, special taxation provisions, most of which are "transparent", will be applied and the tax calculation will be done by the shareholder himself. Had ELA been a family company, its owners would be entitled to a tax benefit for capital gains; This is because capital gain was not taxed in two-stage taxation, as it is taxed by a non-family company (taxation of capital gains in the company and then dividend taxation when it is distributed to the shareholder, who seeks to withdraw the profit).
According to the hearing, at an unknown date after June 2015, Shraga Brosh and his brother conspired, along with Bar Lev, the company's accountant, to deceive the assessee by making a false representation that he had been asked to recognize the company as a family company. For this purpose, the three allegedly forged three documents, the purpose of which was to present a presentation whereby the application was filed within three months of the company's founding.

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