Israel: Law Imposes Additional Tax on Financial Institutions
The Israeli Official Gazette issued a law imposing an extra tax on financial institutions, which entails a 6 percent surcharge on institutions holding assets equivalent to at least 5 percent of all Israeli banks’ total assets.
This results in a rise in the wage and profit tax rate from 17 percent to 23 percent on bank profits, effective until December 31, 2025, while exempting banks with limited operations from these adjustments. The law will be enforced starting April 1.
Source: gov.il
