Justice
Supreme Court urges Hagag Group to drop tax appeal
Supreme Court judges recommended that Hagag Group abandon its tax appeal, according to the report. The dispute concerns 233 million shekels in accumulated losses intended to generate about 50 million shekels in tax savings. The district court rejected the company's position. Its response is due Thursday; the appeal has not been reported withdrawn.
· Source: Bizportal / N12. Archival photograph of the Supreme Court: Chaim Goldberg / Flash 90.
According to Bizportal, Supreme Court judges suggested that Hagag Group withdraw an appeal over offsetting losses intended to save about 50 million shekels in tax. Its response is due Thursday.
The case concerns 233 million shekels in accumulated losses at Regency Jerusalem Hotel, a company acquired by the group. The district court previously ruled that the acquisition was an artificial transaction for tax purposes and rejected the company's position. That was a tax ruling, not a criminal conviction.
According to the report, the group must respond to the Supreme Court judges' proposal by this coming Thursday. This is a recommendation during an appeal hearing: the source reviewed did not report that the group had withdrawn the appeal or that the Supreme Court had issued a new final judgment.
Source: Bizportal / N12
