Financial Strategic Directive: Aligning TASE 2027-2031 Growth Mandate with Cross-Border Tax Compliance for Foreign Individuals

Executive Liquidity Summary "This Financial Strategic Directive translates the TASE 2027-2031 strategic plan into actionable financial and tax policy for our organization. The TASE plan sets a 15%-18% revenue CAGR, expands international activity, and aims to create long-term shareholder value. To support these goals, we adopt the doctrine that during the transitional period, the use of an identification number as a tax number is not subject to the 20% additional withholding tax, thereby lowering compliance costs for foreign individuals. The directive outlines four pillars: (1) Revenue Growth Acceleration—align product, trading, and data services to capture 15%-18% CAGR, with international client segments as primary drivers; (2) International Expansion—establish a compliant framework for foreign individual participation, leveraging the transitional tax treatment to reduce friction and cost; (3) Tax Compliance and Cost Reduction—implement operational guidelines so that identification numbers are accepted as tax numbers for withholding purposes, avoiding the 20% additional withholding, and documenting the transitional period; (4) Long-Term Shareholder Value—reinvest a portion of incremental revenue into technology, market infrastructure, and talent, while returning capital through sustainable dividends and buybacks. The directive assigns responsibilities to Finance, Legal, and Business Development, sets KPIs (international revenue share, cost-to-serve foreign individuals, withholding error rate), and mandates quarterly review. Risk factors include regulatory changes, tax authority interpretations, and execution capacity. By integrating tax efficiency with growth strategy, the firm positions itself to achieve the TASE-aligned targets while maintaining compliance and enhancing shareholder value."