Auditors Chamber of Israel warns of ‘unprecedented actions’

The Chamber of Auditors has called for the Tax Administration to delay the implementation of a mechanism designed to combat tax evasion and fictitious receipts until 2025. This was supposed to take effect on April 1, 2024.

The Chamber believes that the ongoing war is affecting reservists and evacuees, causing their businesses to suffer. As a result, they cannot afford additional bureaucracy, such as pre-reserving tax receipts for transactions over NIS 25,000. The statement warns that if the decision to postpone is not made, unprecedented measures may be taken.

The mechanism was intended to prevent tax evasion and fraudulent billing practices by requiring businesses to pre-reserve a unique number for their tax receipts before they could be written off against VAT. However, without this mechanism in place, it will not be possible to accurately track receipts and ensure compliance with VAT regulations.

By Editor

Leave a Reply