2024-04-02 03:41:54
Knesset members passed the bill in the second and third readings, which aims to reduce the amount of penalties for delays in paying administrative and criminal fines.
According to the new law, the fine will be 30% of the total fine, rather than the previous 50%. In addition to this, every three months interest will be added to the unpaid amount in accordance with the Law on Penalties and Indexation, without taking into account compound interest, which means that a penalty will be charged only on the original debt, and not on penalties already accumulated.
Thus, a fine of 1,000 shekels not paid on time will turn into 1,420 shekels after a year, and not 1,600 shekels, as was previously the case. It is important to note that the new rules will only come into force on January 1, 2025.
Note that a penalty is an amount charged for delay in payment of a debt or fine. The penalty mechanism includes the accrual of interest on the amount of debt for each day of delay. Typically, the amount of the penalty is determined as a percentage of the total amount of the debt and can be established by law or by agreement.
Previously, Paamonim, an organization specializing in financial literacy, released a report that notes the deterioration in the financial stability of Israelis over the past three years, including 2023.
Kursor also reported that the Tax Administration has calculated the losses caused to Israel by the war against Hamas terrorists.
In addition, Economy Minister Nir Barkat recently called for a boycott of a company that has no “sense of shame.”
2024-04-02 03:41:54