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Jerusalem Life

| Tax Authority steps up cash transaction limit enforcement

Janglo News    
Wednesday, 04 December 10:40 AM

December marks a year since the Reduction of Use of Cash Law came into force, and the expiration of the law's running-in period. Business owners and those paying them will soon be subject to fines and prison terms for violations of the law.

Since the law came into force in January 2019, the Israel Tax Authority has conducted over 17,000 audits of various businesses. The audits revealed 2,600 violations of the Reduction of Use of Cash Law, only 412 of which were violations of the provisions restricting the use of cash. In other words, most of the businesses examined did not receive cash proceeds beyond the NIS 11,000 limit stipulated in the law.

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