ICL Group Ltd., Tel Aviv, has reached an understanding with the Israeli Tax Authority and settled the tax dispute regarding the surplus profit levy on natural resources, the company said on July 27.
“By settling, we have finalized all disputes regarding previous years and gained certainty regarding the future,” ICL President and CEO Raviv Zoller told participants at a company earnings call.
The settlement agreement provides final assessments for the tax years 2016 to 2020, as well as outlines understandings for the calculation of the levy for the years from 2021 and onwards.
As a result of the settlement agreement, in the second quarter of 2022 ICL recognized tax expenses for prior years in the amount of $188 million.