- The tax authority of Israel has announced an additional extension to the e-invoicing mandate until May 5, 2024.
- Businesses receiving tax invoices over NIS 25,000 can only deduct input tax if there is an allocation number for the invoice.
- The extension was granted to allow businesses that haven’t completed their technological preparations for e-invoicing compliance to catch up.
- The implementation of e-invoicing in Israel is crucial due to concerns about fictitious invoices, black capital, and potential loss to state assets.
- Authorities will proactively contact businesses issuing invoices over NIS 25,000 to assist them in registering for the e-invoicing system. The allocation number is mandatory for the deduction of input tax.
Source TJC Group
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