- As of May 5, 2024, businesses can only deduct input tax from invoices over NIS 25,000 if there is an allocation number.
- The Tax Authority has extended the deadline to implement the Israel invoice model to May 5, 2024, to help businesses comply with the law.
- This extension is particularly for those who have not completed their technological preparations due to the ongoing conflict.
- The aim is to combat fictitious invoices and black capital, which have caused significant financial losses to the state.
- The Authority will reach out to business owners in the reserves and frontier communities to assist them in registering for the system.
- The amendment to the VAT Law requires allocation numbers for tax invoices above NIS 25,000, issued through an online system by the Tax Authority.
Source gov.il
- Join the Linkedin Group on Global E-Invoicing/E-Reporting/SAF-T Developments, click HERE
