Israel Tax Agency Announces Tax Rates, Deductions, Benefits for 2023

The Israeli Tax Authority Jan. 11 announced income tax rates, deductions, and benefits related to salaries and wages for 2023. The announcement includes: 1) progressive individual and corporate income tax rates for 2023; 2) the imposition of a 3 percent additional tax on high income exceeding 58,190 Israeli shekels (US$17,005) per month and 698,280 shekels (US$204,065) per annum; 3) the calculation of additional taxes on real appreciation if the sale value of a residential apartment exceeds a specific threshold and the sale isn’t exempt; 4) an updated amount of 5,471 shekels (US$1,598) for the tax exemption ceiling for rental income; ...