About 3 weeks ago I sent out the following memo:

Finally, the tax authority has in a one sided move without consultation or even providing proper information to the public decided, retroactive to January, to cancel the 13 year old official arrangement, whereby a company has been deemed for income tax purposes to own cars registered in the name of its owners subject to receipt of certain guarantees. Withoutgetting into an ethical argument over whether the motives for the arrangement are the sort of thing decent society should permit, I fully back the protest lodged by the Institute of CPAs against the way this change has been handed down, retroactively, in breach of the Begin law protecting personal property from Government (why did you think you had to live in Gush Katif to lose that protection?) and almost in secret. If you have been taking advantage of the arrangement up to now my suggestion is to make sure that you check with me around November (if you have not heard sooner) as to whether you need to transfer legal ownership of your car.

According to information just received from the major international accounting firm KPMG, they understand that this ruling will only be applied to vehicles purchased after 1.9.07. FYI