- The Israeli Tax Authority updated VAT invoicing, reporting thresholds, and penalties effective January 1
- Exempt dealer turnover threshold set at 120,000 Israeli shekels
- Buyers subject to VAT must require invoices for purchases over 350 shekels for business use
- Additional VAT requirements apply for purchases valued over 28,115 shekels
- Periodic reporting threshold for specified input tax surplus is 20,974 shekels
- Late reporting penalty set at 239 shekels every two weeks starting July 1, 2024
- Inadequate recordkeeping penalty is 1 percent or at least 359 shekels starting July 1, 2024
Source: news.bloombergtax.com
Note that this post was (partially) written with the help of AI. It is always useful to review the original source material, and where needed to obtain (local) advice from a specialist.
