The Tel Aviv District Court has ruled that the diamond company LLD Diamonds, owned by Lev Leviev, must pay tens of millions of shekels in tax in Israel in connection with the sale of its assets in diamond corporations operating in the United States.
The decision relates to LLD Diamonds’ restructuring of a group of companies it owned in the Virgin Islands and the US more than a decade ago, in which it received a tax deferment to allow it to reorganize its international operations.
According to the court ruling, the sale of rights to these companies in 2018 activated the conditions established then, and therefore the company is required to pay tax in Israel on the profits received.