Heads of Gemachim can Breathe Again
Following weeks of negotiations between Chairman of the Knesset Finance Committee MK Moshe Gafni, a compromise was reached with Treasury and Ministry of Justice allowing gemachim to continue their work with the United States without FATCA complications.
מזומן צילום: פלאש 90
Amidst fear for a cruel blow to Israel’s gemachim, on Wednesday MK Moshe Gafni reached an agreement with the Treasury and the Ministry of Justice regarding gemach activity under the FATCA, and United States law affecting all American citizens.
According to the agreement, the gemachim will be able to continue their work and be defined as institutions to help the public. Gafni noted that, “There is no doubt t had not the Israeli representatives brought up the issue of the gemachim with the Americans in a serious manner the desired results would have not been achieved. This problem should never have existed. Since the beginning of the State of Israel there has never been any problem; these are organizations wherein no one gets paid and their sole purpose is to help people: starting from monetary loans, food distribution, and all the way to provision of medicine not covered by law. Nothing must be done to hurt the gemachim.”
According to the agreement with the Treasury and the Ministry of Justice, gemach heads will be able to choose from three options to ensure their status, according to FATCA directives.
According to the agreement, the gemachim will be able to continue their work and be defined as institutions to help the public. Gafni noted that, “There is no doubt t had not the Israeli representatives brought up the issue of the gemachim with the Americans in a serious manner the desired results would have not been achieved. This problem should never have existed. Since the beginning of the State of Israel there has never been any problem; these are organizations wherein no one gets paid and their sole purpose is to help people: starting from monetary loans, food distribution, and all the way to provision of medicine not covered by law. Nothing must be done to hurt the gemachim.”
According to the agreement with the Treasury and the Ministry of Justice, gemach heads will be able to choose from three options to ensure their status, according to FATCA directives.
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