- Israel plans to introduce a continuous transaction control model as part of their economic plan for 2023-2024.
- The aim is to prevent the use of fraudulent and fictitious invoices to avoid proper taxation in Israel. The initiative will begin on 1 January 2024, with confirmation numbers assigned to invoices at the time of issuance for transactions over NIS 25,000.
- The scope will gradually increase to encompass all invoices valued at 5000 NIS or more by 1 January 2028.
- After a two-year piloting period, the Israeli Tax Authority will refuse requests to assign confirmation numbers to invoices before issuance to the customer.
- This move is part of Israel’s effort to combat tax evasion and fraud, and is in line with similar initiatives being implemented in other countries.
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