[79981] Tech giants Nvidia and Google in an unusual request to the Tax Authority: to pay taxes in dollars

Tech giants in an unusual request to the Tax Authority

International technology companies Google and Nvidia have submitted an unusual request to the Israel Tax Authority, in which they are seeking approval to pay their current taxes in dollars instead of shekels. The reports, which appeared simultaneously on the Israel News | No Censorship - The Voice of News channel and the Television channel, indicate that the step stems from sharp changes in currency exchange rates.

According to Israel News | No Censorship - The Voice of News, the appeal comes following "the drop in the dollar exchange rate in the markets," which has caused the companies "difficulties in calculating and paying local taxes." Sources in the 'Globes' newspaper note that this is an attempt by the companies to adapt their financial activity to the changing currency situation and the surge in the value of the shekel.

The move reflects the economic challenges faced by multinational companies operating in Israel when they are required to manage their tax liabilities during periods of volatility in the foreign exchange markets. As of now, no official response has been issued by the Tax Authority regarding compliance with this unprecedented request.