Israel: Updated VAT amounts for invoicing, periodic reporting, and penalties
Israeli Tax Authority amended the VAT amounts for invoicing, periodic reporting, and penalties starting from July.
The following have been updated:
- threshold of the NIS 321 for requesting an invoice from a seller;
- the obligation to submit to the bank periodic reports for input tax excess of less than NIS 19,222;
- a fine of NIS 223 for each two weeks late submission of relevant reports; and
- A minimum penalty of NIS 334 for poor recordkeeping.
Source: gov. il
