Israel earned $370 million in tax revenue on the sale of the navigation app Waze to Google.
Google is set to pay $230 million in taxes on its acquisition of the property rights to the free application for smart phones on top of the more than $143 million in taxes already paid on the purchase.
Google’s billion-dollar acquisition of Israeli navigation app developer Waze could face resistance from Israel’s Antitrust Authority, which has requested documents from Google Israel and Waze, Haaretz reported.
Let the jokes begin. From the people who wandered in the desert for 40 years comes the best navigational app so far. Waze, an Israeli crowdsourced navigation mobile application, has been growing in popularity over the past couple years. And in the past half a year there have been more than a few rumors that Waze was on the verge of being bought by Apple and Facebook. Those deals never materialized and some say it was because Uri Levine and his investment partners at Waze were holding out for more.
Spending a week in Israel earlier this month I kept my eyes open to the way Israelis use technology. Even on my first visit over 18 years ago I noticed that Israelis thirsted for the latest tech gadgets. Being a country that struggled with telecommunications early on in its existence made Israel primed for a telecom revolution. In the first decades of statehood, stories permeated about families who waited years just to get a telephone in their home. So when mobile communications took off in the middle of the 1990s, Israelis were eager to adopt the new technology.