Israel Tax Agency Announces Updated Thresholds for VAT Invoicing, Periodic Reporting, Penalties

The Israeli Tax Authority Jan. 1 announced updated thresholds for VAT invoicing and periodic reporting, and related penalties. The update includes: 1) the exempt dealer turnover threshold of 120,000 Israeli shekels (US$32,846); 2) the minimum threshold of 350 Israeli shekels (US$96) for buyers subject to VAT to require invoices from covered sellers, for purchases of assets or services for the purpose or use of the business or taxable activity, effective Jan. 1; 3) the purchase value threshold of 28,115 new shekels for additional VAT collection, payment, and invoicing requirements; 4) the threshold of 20,974 shekels (US$5,741) for periodic reporting of ...