Ministry of Finance 2023/24 economic plan phases in 2024-28 pre-clearance B2B e-invoices to tackle fictitious invoice fraud The Israeli Ministry of Finance is progressing a Continuous Transaction Control (CTC) based electronic invoicing regime. The aim is to tackle the large ‘fictions invoice’ fraud problem, often used
2023/24 Budget drops proposals for VAT collections obligations for non-resident service providers from 2024 The Israeli government has reportedly abandoned 2023/24 budget plans to extend Israeli VAT collections obligations to foreign providers and digital platforms for digital or electronic services to consumers. Under the proposals, B2B
Ministry of Finance phases in 2024-28 pre-clearance B2B e-invoices to tackle fictitious invoice fraud The Israeli Ministry of Finance is progressing a Continuous Transaction Control (CTC) based electronic invoicing regime. The aim is to tackle the large ‘fictions invoice’ fraud problem, often used by criminal gags
Reduction in limit on cash settlements to fight fraud Israel has reduced the permitted threshold for cash payments on B2B VAT invoices. From 1 August 2022, the maximum that may be settled in cash will be 6,000 shekles (approx. $1,795). It had previously been 11,000
The Israel tax authority extends returns and remittance deadlines Israeli VAT returns are filed bi-monthly if the annual turnover does not exceed NIS 1.51million (approx €400,000 or $470,00). Otherwise it is monthly filings. The bi-monthly March and April returns and remittances is now delayed until
Withdrawal of Value Added Tax exemption on imports below $75 Israel is set to follow many countries be implementing VAT on low-value goods consignments sold to its consumers from 1 January 2022 at the earliest per the much-delayed 2021/22 budget from the Finance Ministry. Any
The Israeli government has included proposals to levy VAT on non-resident providers of digital or electronic services to its consumers in its 2021/22 budget for 1 January 2022 at the earliest. The new ‘Arrangement Law’ would update the Israeli Income Tax Ordinance to reflect increased
2021/22 budget includes VAT on foreign digital services The Israeli Ministry of Finance has announced that it will revisit again taxing e-commerce goods and digital services being provided to its consumers by non-resident sellers or providers. Israel is on of the very few developed economies
The Israel tax authority has granted an extension of VAT filings in September. Postponed July and August reporting Israeli VAT returns are filed bi-monthly if the annual turnover does not exceed NIS 1.51million (approx €400,000 or $470,00). Otherwise it is monthly filings. The bi-monthly July
Israel’s Tax Authority is proposing to introduce electronic VAT invoicing. There would be an invoice threshold of NIS 5,000 (approx €1,300 or USD 1,600). This would apply to all B2B transactions about the invoice threshold. The Tax Authority estimated only 15% of invoices pass this
