At the end of last year, the Israel Tax Authority announced a process entitled "voluntary information disclosure," a framework for Israelis to report their assets and earnings abroad. This process is a wonderful solution for anyone who holds property abroad or offshore bank accounts, whose source is either inheritance or a gift, anyone who paid taxes on monies spent abroad in the past, or anyone who purchased assets or invested through foreign banks, but did not report these transactions in Israel. In exchange for voluntarily disclosing the information, these people are promised an easier tax process and they are guaranteed immunity from criminal proceedings. Why did the tax authority take this step? Since 2003, the taxing method in Israel is directed towards individuals. All residents of Israel must pay taxes on their earnings, regardless of where these were earned or received. Cooperation between tax authorities in both Europe and the U.S. and the Israel Tax Authority encourage anyone who has bank accounts or assets abroad to report their existence and their revenues in Israel. Many thousands of Israelis hold funds, assets or capital abroad without reporting their interest, dividend and capital gains earnings and are currently considered criminal tax evaders. This is in addition to the capital gains tax liability penalties, interest and linkage dividends they should pay. Various estimates say that more than $10 billion are unreported from Israelis' bank accounts abroad. We want these huge sums of money to return to Israel. To do so, we must forget the past, allow the funds to return to Israel, and from here onwards levy a tax on the revenues derived from these holdings. The window of opportunity opened by the tax authority for citizens who hold funds in offshore bank accounts was recently extended by an additional three months for submission of applications. Another important innovation in these procedures is the possibility of filing anonymous requests. By not specifying the applicant's identity, a preliminary non-binding examination can be performed. The hope and expectation is that many will not hesitate to put in order their reports to the authority. This process allows people to "come clean" on a voluntary basis, within the framework of the law and without being considered criminals. They can then pay their taxes without penalties or interest, with the possibility of a partial or complete exemption from linked dividends. Unfortunately, there are only a few hundred applications to date, though estimates postulated that thousands would participate in the "voluntary information disclosure" program. Much of the numeric disparity between the forecasts and reality lies in the fact that the rigid bureaucratic procedures required by the tax authority are damaging to those who want to participate in the process. But public interest obligates that offshore funds and assets return to the reporting cycle in Israel, including taxes on the income derived from these. Therefore, it is not enough to announce the voluntary disclosure process. The tax authority must facilitate and simplify the process so that more people are willing to report and pay. Further concessions, such as granting full exemption from linked dividends and examining monetary sources can also help accelerate the process. Similar to the thinking behind the Finance Ministry's policy of tax relief for giant multinational corporations operating in Israel, the tax authority must facilitate and ease the process for individuals as well. It should both ease the tax policy and reduce the bureaucratic process; one should not need to prove and invent historical documents on funding sources due to the difficulties associated with such a process. It should extend the window of opportunity for voluntary reporting at least until the end of the year and ease the burden of proof regarding monetary sources in years past. Implementing such a policy will eventually earn the state higher sums, which could then be fed into the Israeli economy and the reporting cycle from here onwards. It would also simultaneously prevent many people from remaining tax offenders. All parties would benefit from such actions. The writer is the vice president of the Institute of Certified Public Accountants in Israel.