Israel is going to increase corporate tax rate instead of scheduled reduction

The proposal is pending its approval by Israeli Parliament

Under current law, the 2011 24% corporate tax rate will be gradually reduced to 23% in 2012, 22% in 2013, 21% in 2014, 20% in 2015 and to 18% in 2016.

The Israeli Government approved proposal not only to abolish tax reduction, but to increase the corporate tax rate to 25% in 2012 and to 26% in 2013.

Note that Government did not recommended any changes in the reduced beneficial tax rates available to companies that are enjoying Approved Enterprise benefits under the Law for the Encouragement of Capital Investments.

If the proposal is enacted, the changes are expected to be effective January 1, 2012.
source: IsraelTax