On February 28, 2024, the Value Added Tax (VAT) Order (Tax Rate on
Transactions and Import of Goods) (Amendment), 2024, was
published in the Official Gazette, announcing an increase in the VAT
rate from 17% to 18%, effective January 1, 2025.
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Mickey Blumenthal, Managing Partner, Fahn Kanne & Co.
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Press Release
Preparing for the VAT Increase from 17% to 18%
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16 min read
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15 Oct 2024
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30 Aug 2024
ITA approves direct tax payments for crypto investors
Tax payments for crypto investors
The Israel Tax Authorities (the "ITA") published, as part of a temporary directive, a procedure allowing taxpayers who gained profits from the realization of cryptocurrency, and were declined from opening a bank account in Israel by the Israeli banking system, to pay the taxes owed from the realization of such cryptocurrencies directly to the bank account of the ITA (the "Procedure"). The Procedure governs the workflow and requirements necessary to enable the ITA, on the one hand, to receive and collect the tax resulting from the activities of these taxpayers in cryptocurrencies, and on the other hand, to prevent money laundering through the payment of the taxes, due to the inherent risks of money laundering associated with crypto currency activities.
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05 May 2024