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Further to an amendment to the Income Tax Ordinance (ITO), multinational companies with Israeli affiliates having intercompany loans, outstanding balances, or guarantees which exceed ILS 100,000 as of 31 December 2016, might trigger a deemed distribution tax event for 2017. Companies should review potential deemed income and withholding tax implications that may arise in their specific situations. Where relevant, consideration should be given to repaying amounts due before 31 December 2017.