ELOS » Topics » Law for the Encouragement of Industry (Taxes), 1969

This excerpt taken from the ELOS 20-F filed Mar 24, 2009.

Law for the Encouragement of Industry (Taxes), 1969

        We believe that we qualify as an “Industrial Company” within the meaning of the Law for the Encouragement of Industry (Taxes), 1969, or the Industry Encouragement Law. The Industry Encouragement Law defines “Industrial Company” as a company resident in Israel, of which 90% or more of its income in any tax year, other than of income from defense loans, capital gains, interest and dividends, is derived from an “Industrial Enterprise” owned by it. An “Industrial Enterprise” is defined as an enterprise whose major activity in a given tax year is industrial production activity.

        The following corporate tax benefits, among others, are available to Industrial Companies:

  deduction of purchased of know-how and patents and/or right to use a patent over an eight-year period;

  accelerated depreciation rates on equipment and buildings;

  under specified conditions, an election to file consolidated tax returns with additional related Israeli Industrial Companies and an industrial holding company;

  Expenses related to a public offering on recognized stock markets, are deductible in equal amounts over three years.

        Eligibility for the benefits under the Industry Encouragement Law is not subject to receipt of prior approval from any governmental authority. We cannot assure that we will continue to qualify as an “Industrial Company” or that the benefits described above will be available in the future.

This excerpt taken from the ELOS 20-F filed Aug 21, 2008.

Law for the Encouragement of Industry (Taxes), 1969

        We believe that we qualify as an “Industrial Company” within the meaning of the Law for the Encouragement of Industry (Taxes), 1969, or the Industry Encouragement Law. The Industry Encouragement Law defines “Industrial Company” as a company resident in Israel, of which 90% or more of its income in any tax year, other than of income from defense loans, capital gains, interest and dividends, is derived from an “Industrial Enterprise” owned by it. An “Industrial Enterprise” is defined as an enterprise whose major activity in a given tax year is industrial production activity.

        The following corporate tax benefits, among others, are available to Industrial Companies:

  deduction of purchased of know-how and patents and/or right to use a patent over an eight-year period;

  accelerated depreciation rates on equipment and buildings;

  under specified conditions, an election to file consolidated tax returns with additional related Israeli Industrial Companies and an industrial holding company;

  expenses related to a public offering on recognized stock markets, are deductible in equal amounts over three years.

        Eligibility for the benefits under the Industry Encouragement Law is not subject to receipt of prior approval from any governmental authority. We cannot assure that we qualify or will continue to qualify as an “Industrial Company” or that the benefits described above will be available in the future.

This excerpt taken from the ELOS 20-F filed May 7, 2008.

Law for the Encouragement of Industry (Taxes), 1969

        We believe that we qualify as an “Industrial Company” within the meaning of the Law for the Encouragement of Industry (Taxes), 1969, or the Industry Encouragement Law. The Industry Encouragement Law defines “Industrial Company” as a company resident in Israel, of which 90% or more of its income in any tax year, other than of income from defense loans, capital gains, interest and dividends, is derived from an “Industrial Enterprise” owned by it. An “Industrial Enterprise” is defined as an enterprise whose major activity in a given tax year is industrial production activity.

        The following corporate tax benefits, among others, are available to Industrial Companies:

  deduction of purchased of know-how and patents and/or right to use a patent over an eight-year period;

  accelerated depreciation rates on equipment and buildings;

  under specified conditions, an election to file consolidated tax returns with additional related Israeli Industrial Companies and an industrial holding company;

  expenses related to a public offering on recognized stock markets, are deductible in equal amounts over three years.

        Eligibility for the benefits under the Industry Encouragement Law is not subject to receipt of prior approval from any governmental authority. We cannot assure that we qualify or will continue to qualify as an “Industrial Company” or that the benefits described above will be available in the future.

This excerpt taken from the ELOS 20-F filed Jun 15, 2007.

Law for the Encouragement of Industry (Taxes), 1969

        We believe that we qualify as an “Industrial Company” within the meaning of the Law for the Encouragement of Industry (Taxes), 1969, or the Industry Encouragement Law. The Industry Encouragement Law defines “Industrial Company” as a company resident in Israel, of which 90% or more of its income in any tax year, other than of income from defense loans, capital gains, interest and dividends, is derived from an “Industrial Enterprise” owned by it. An “Industrial Enterprise” is defined as an enterprise whose major activity in a given tax year is industrial production activity.

        The following corporate tax benefits, among others, are available to Industrial Companies:

  deduction of purchased of know-how and patents and/or right to use a patent over an eight-year period;

  accelerated depreciation rates on equipment and buildings;

  under specified conditions, an election to file consolidated tax returns with additional related Israeli Industrial Companies and an industrial holding company;

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  expenses related to a public offering on recognized stock markets, are deductible in equal amounts over three years.

        Eligibility for the benefits under the Industry Encouragement Law is not subject to receipt of prior approval from any governmental authority. We cannot assure that we qualify or will continue to qualify as an “Industrial Company” or that the benefits described above will be available in the future.

This excerpt taken from the ELOS 20-F filed Jun 30, 2006.

Law for the Encouragement of Industry (Taxes), 1969

          We believe that we qualify as an “Industrial Company” within the meaning of the Law for the Encouragement of Industry (Taxes), 1969, or the Industry Encouragement Law. The Industry Encouragement Law defines “Industrial Company” as a company resident in Israel, of which 90% or more of its income in any tax year, other than of income from defense loans, capital gains, interest and dividends, is derived from an “Industrial Enterprise” owned by it. An “Industrial Enterprise” is defined as an enterprise whose major activity in a given tax year is industrial production activity.

          The following corporate tax benefits, among others, are available to Industrial Companies:

 

 

 

 

deduction of purchased of know-how and patents and/or right to use a patent over an eight-year period;

 

 

 

 

accelerated depreciation rates on equipment and buildings;

65




 

 

 

 

under specified conditions, an election to file consolidated tax returns with additional related Israeli Industrial Companies and an industrial holding company;

 

 

 

 

expenses related to a public offering on recognized stock markets, are deductible in equal amounts over three years.

          Eligibility for the benefits under the Industry Encouragement Law is not subject to receipt of prior approval from any governmental authority. We cannot assure that we qualify or will continue to qualify as an “Industrial Company” or that the benefits described above will be available in the future.

This excerpt taken from the ELOS 20-F filed Jun 30, 2005.

Law for the Encouragement of Industry (Taxes), 1969

        We believe that we qualify as an “Industrial Company” within the meaning of the Law for the Encouragement of Industry (Taxes), 1969, or the Industry Encouragement Law. The Industry Encouragement Law defines “Industrial Company” as a company resident in Israel, of which 90% or more of its income in any tax year, other than of income from defense loans, capital gains, interest and dividends, is derived from an “Industrial Enterprise” owned by it. An “Industrial Enterprise” is defined as an enterprise whose major activity in a given tax year is industrial production.

        The following corporate tax benefits, among others, are available to Industrial Companies:

  amortization of the cost of purchased know-how and patents over an eight-year period for tax purposes;

  accelerated depreciation rates on equipment and buildings;

  under specified conditions, an election to file consolidated tax returns with additional related Israeli Industrial Companies; and

  expenses related to a public offering are deductible in equal amounts over three years.

        Eligibility for the benefits under the Industry Encouragement Law is not subject to receipt of prior approval from any governmental authority. We cannot assure that we qualify or will continue to qualify as an “Industrial Company” or that the benefits described above will be available in the future.

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