Israel Tax Agency Announces Extension, Updated Income Limits for Exempt Withdrawals of Pension, Insurance Funds

The Israeli Tax Authority Jan. 2 announced an extension to Dec. 31 and updated income limits, for the withholding tax exemption on withdrawals from compensation funds, insurance companies, and pension funds. The announcement includes: 1) an increase in the annual income limit for tax exempt withdrawals of compensation funds, including the withdrawn amount, to 63,000 Israeli shekels (US$17,302) from 59,000 shekels (US$16,204) for men, and to 77,000 shekels (US$21,144) from 72,000 shekels (US$19,771) for women; 2) an increase to 18,000 shekels (US$4,942), from 15,000 shekels (US$4,120), in the exempt limit for the sum of amounts withdrawn from an annuity; and ...