Israel Tax Agency Updates Amounts for VAT Invoice Thresholds, Periodic Reporting, Penalties

The Israeli Tax Authority June 30 updated the VAT amounts for invoicing, periodic reports, and penalties, effective July 1. The update includes: 1) the 321-Israeli shekel (US$91) threshold, from which a taxpayer can demand an invoice from a seller; 2) the requirement to submit periodic reports to the bank for input tax surpluses under 19,222 shekels (US$5,442); 3) a penalty of 223 shekels (US$63) for the late submission of a specific report, for each two weeks it’s overdue; and 4) a minimum fine of 334 shekels (US$95) for inadequate recordkeeping. [Israel, Israel Tax Authority, 06/30/22]

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