HomeBlogNewsImportant Update for Israeli Businesses on VAT Compliance

Important Update for Israeli Businesses on VAT Compliance

New Deadline Alert for Israeli VAT Compliance: May 5, 2024

Israeli businesses, take note! The Israel Tax Authority has extended the deadline to May 5, 2024, for adopting the new invoice regulation model. This extension aims to support businesses still adapting their technological frameworks in light of recent challenges.

Key Update: Starting May 5, tax invoices exceeding NIS 25,000 must include an allocation number to qualify for input tax deductions. This measure is crucial for combating tax evasion and ensuring financial integrity within Israel’s economy.

The Tax Authority is offering support, especially to those affected by ongoing conflicts or operating in frontier regions, to ensure seamless transition and compliance.

Act now to align with the updated VAT regulations and secure your business’s financial practices. Visit the Israel Tax Authority’s website for resources and guidance.

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