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ISRAEL AT WAR - DAY 475

taxes

Illustrative: A person doing taxes (iStock by Getty Images)
January 2, 2025, 10:01 pm
Experts fear last-minute corporate tax law could have unintended, costly consequences
The so-called ‘trapped profits bill’ that took effect on Jan. 1 aims to curb tax avoidance amid expensive war, but some worry it’ll be hard to implement and discourage investment
By Sharon Wrobel
United Torah Judaism MK Moshe Gafni chairs a meeting of the Knesset Finance Committee, December 16, 2024. (Noam Moskowitz, Office of the Knesset Spokesperson)
December 17, 2024, 10:32 pm
Knesset panel passes 2025 tax hikes set to hit working people in their pockets
Finance committee approves Jan. 1 tax measures, including VAT hike, increase in National Insurance payments, and freeze on income tax brackets to rein in ballooning war costs
By Sharon Wrobel
Prime Minister Benjamin Netanyahu, center, at the start of cabinet meeting meant to approve the 2025 state budget, October 31, 2024 (GPO)
November 3, 2024, 11:29 pm
Israel’s 2025 war budget squeezes disposable income of working-class households
Government drops plans to freeze welfare benefits and tax ‘advanced study’ funds, instead wants to raise National Insurance payments while barely cutting coalition funds
By Sharon Wrobel
Prime Minister Benjamin Netanyahu, center, at the start of cabinet meeting meant to approve the 2025 state budget, October 31, 2024 (GPO)
October 31, 2024, 8:01 pm
2025 state budget to increase defense spending, cut social services and education
To finance the war, which is estimated to cost NIS 250 billion ($66.8 billion), the Finance Ministry is proposing deep spending cuts as well as tax increases
By Sharon Wrobel and Sam Sokol
The site where a rocket fired from Lebanon hit a house and cars in the northern city of Safed, September 25, 2024. (David Cohen/Flash90)
September 29, 2024, 8:42 pm
Moody’s drastic downgrade will have ripple effect on war-torn consumers and taxpayers
A lower rating raises credit costs for the government, businesses and households; translates into higher taxes and prices, reduced disposable income; also impacts public savings
By Sharon Wrobel
Finance Minister Bezalel Smotrich in Jerusalem, April 21, 2024. (Chaim Goldberg/Flash90)
September 24, 2024, 5:40 pm
Treasury is said to propose new taxes to bolster state coffers and finance war
Among the draft proposals for 2025 is freezing tax credits, taxing advanced study funds, reducing tax benefits on pension deposits, and increasing the tax on electric vehicles
By Sharon Wrobel
Finance Minister Bezalel Smotrich speaks at a press conference in Jerusalem, Sept. 3, 2024. (GPO)
September 3, 2024, 5:42 pm
Smotrich presents 2025 budget plan, saying war is costing economy as much as NIS 250b
Meeting the deficit target of 4% set for 2025 will require measures including freezing public sector pay, but no tax hikes, finance minister says
By Sharon Wrobel
A bird's eye view of MATAM, Haifa's premier technology park where Amazon, Google, Yahoo, Intel, Microsoft and other tech giants have locations. (CC BY 3.0)
July 29, 2024, 10:27 pm
Israel plans to enact global minimum tax of 15% on multinational corporates
Israel will be joining 140 countries in collecting a minimum tax from global tech giants such as Intel, Google, and Microsoft, which have been benefiting from reduced rates
By Sharon Wrobel
People shop at the Mahane Yehuda Market in central Jerusalem on July 7, 2023 (Chaim Goldberg/Flash90)
July 4, 2024, 10:44 pm
Higher VAT hurts poor and fuels inequality, Treasury report shows ahead of tax hike
Value Added Tax, levied on goods and services, is set to rise from 17% to 18% in January 2025 to help the government rein in a ballooning budget deficit amid growing war costs
By Sharon Wrobel
The headquarters of US financial company Standard and Poor's (S&P) in lower Manhattan, New York, May 2014. (mixmotive via iStock by Getty Images)
April 21, 2024, 8:49 pm
Israel’s credit downgrade amid risk of regional escalation is a call to take action
S&P cut Israel’s credit score warning about further downgrades in light of higher defense spending and a ballooning deficit; higher taxes are inevitable, says expert
By Sharon Wrobel
Israelis inspect a damaged residential building after it was hit by a rocket fired from the Gaza Strip, in Ashkelon, Israel, October 9, 2023. (Erik Marmor/AP)
December 26, 2023, 6:16 pm
War with Hamas to cost Israel at least NIS 50 billion in 2024, says Treasury
Finance Ministry forecasts that defense spending will have to increase by NIS 30 billion and another NIS 20 billion will need to be spent on civilian and other expenditure
By Sharon Wrobel
Damage to a home hit by a rocket in Ashkelon, December 5, 2023. (Edi Israel/Flash90)
December 10, 2023, 5:38 pm
Israel’s budget deficit soars in November as government pours NIS 5.8b into Gaza war
Figures show budget deficit swelling to 3.4% as government expenditure rises to NIS 46.9 billion and tax revenue drops 16.5%, led by sharp declines in income from real estate taxes
By Sharon Wrobel
Shai Aharonovitz, newly appointed head of the Israel Tax Authority, Sept. 27, 2023. (Courtesy)
September 27, 2023, 6:51 pm
Shai Aharonovitz approved as new head of Israel Tax Authority
22-year authority veteran was selected by Finance Minister Smotrich from a final list of three candidates recommended by a search committee
By Sharon Wrobel
Finance Minister Bezalel Smotrich speaks during a press conference at the Ministry of Finance in Jerusalem on August 9, 2023. (Chaim Goldberg/Flash90)
September 10, 2023, 5:44 pm
Fiscal state deficit widens to 1.3%, exceeding government target
Figures show government spending has risen 9.4% since start of the year, while state income from taxes declined 4.3% year-on-year, led by sharp drop in real estate taxation
By Sharon Wrobel
Shai Aharonovitz (Courtesy)
September 3, 2023, 2:58 pm
Shai Aharonovitz to be appointed head of Israel Tax Authority
Finance minister selects 22-year veteran as new director, subject to government approval next week
By Sharon Wrobel
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