Israel tightens restrictions on cash payments for companies and individuals.
The goal, as stated by the country’s tax authority, is to improve the fight against organized crime, money laundering, and tax evasion. Critics doubt the law will achieve that.Payments of large sums of money in cash and bank checks will be further restricted in Israel by amendments set to take effect on Aug. 1.
Reducing the use of cash is the main purpose of the law, according to Tamar Bracha, tasked with executing the rules on behalf of the Israel Tax Authority. Quoted by the Media Line news outlet, the official elaborated: However, an attorney representing clients in an appeal against the law filed in 2018, when it was first adopted, insists that the main problem is that the legislation is not efficient. Uri Goldman referred to data showing that since the law’s initial introduction, the amount of cash has actually increased. Pointing to another of its downsides, the legal expert further explained:
An exemption for trading with Palestinians from the West Bank and charities active in the ultra-Orthodox communities has also sparked controversy. Deals with large amounts of cash will be allowed in these cases, provided they are thoroughly reported to the tax administration. Goldman thinks this is unfair to the rest of the society.In its original draft, first proposed in 2015, the law also featured a provision limiting the private holding of large sums of cash to 50,000 shekels .
Norge Siste Nytt, Norge Overskrifter
Similar News:Du kan også lese nyheter som ligner på denne som vi har samlet inn fra andre nyhetskilder.
Saudi Arabia flirts with Iran and Israel as Biden's peacemaking flounders'Everything is possible when it comes to international relations,' former Saudi Arabian Foreign Ministry official Salem al-Yami told Newsweek.
Les mer »
Ethereum Achieves New Milestones After 30% Rise: DetailsNew investors are flowing into ethereum as the price remains in the $1,700 range. glassnodealerts
Les mer »
3 Ways You Can Sell Your Bitcoin Into Cash: A Quick Guide from Binance | Binance BlogLooking for a quick way to sell your ฿ for 💵? Here are 3 ways to do so.
Les mer »
ECB Economists Suggest Limiting Access to Digital Euro to Protect Banks – Finance Bitcoin NewsECB economists insist that restricting access to the digital euro currency will help preserve the current financial system.
Les mer »
Nigerian Currency Plunges to New All Time Low — Central Bank Blames Speculators – Economics Bitcoin NewsThe currency’s rapid depreciation is reportedly being fueled by Nigerians who are converting their savings from naira to the greenback. depreciation naira
Les mer »
Bitcoin rises 3.4% to $24,584; up 39.7% from year low in JuneBitcoin rose 3.36% to $24,584.24 at 1707 GMT on Saturday, adding $798.93 to its previous close.
Les mer »