Posted on 07/31/2022 3:16:48 PM PDT by EBH
Since 2019, Israeli businesses and consumers have been subject to a limit on the value of cash transactions. On Aug. 1, that limit is set to decrease from NIS 11,000 ($3,192) to NIS 6,000 ($1,741) for business payments and from NIS 50,000 ($14,510) to NIS 15,000 ($4353) for transactions between private individuals.
The stated purpose of the law is to force the public to use digital means of payment rather than cash. This is intended to enable better transaction monitoring so that Israeli authorities are equipped to tackle tax evasion, black market activity and money laundering.
Payments made to Palestinian Arabs and certain religious loans are exempt from the country’s cash cap. Likewise, car purchases are excepted from the new rules, where the cash cap will remain unchanged at NIS 50,000.
According to Israel National News, Tax Authority figures show a gradual increase in compliance with the law, from around 84% in 2019 to 92% in 2021 and 95% in 2022.
Israel National News reports that NIS 5 billion have already been collected in fines since the restrictions came into law. Tens of thousands of audit raids on businesses have been conducted by the Tax Authority and thousands of violators have been penalized. In 2022 alone, around 6,000 audits have been conducted so far, with 2,189 law-breakers identified, representing a sum of NIS 35 million in illicit transactions.
Violations of the law are punishable by fines starting at 15% of the transaction if the cash payment was less than NIS 25,000 to a business, increasing to 20% where the transaction was between NIS 25,000 and NIS 50,000, and reaching 30% for larger transactions.
Between private individuals, the fines are lower, starting at NIS 10,000 for payments up to NIS 25,000, increasing to 15% for amounts up to NIS 50,000, and 25% for larger sums.
People who are found to have been paid a salary in cash are liable to a fine of 5% if the payment was above the NIS 6,000 ceiling but below NIS 8,500. The penalties apply to payment by check and banker’s check, as well as with banknotes.
Israel’s cash cap is also applicable to tourists, with responsibility for breaking the law resting with both parties to the transaction.
A short grace period of grace will apply following Aug. 1, but there are plans afoot to impose additional restrictions on cash in the future. Israel’s Treasury and Tax Authority are pushing for a law prohibiting any citizen from holding more than NIS 200,000 in cash in their home.
Israel is not the only country to set legal limits on cash transactions, but many others stop short of outright banning large cash payments.
For example, in Germany, where cash plays a larger role in the retail economy compared to many of its northern European neighbors, anyone who wants to make a payment of 10,000 euros or more in cash needs to show a valid ID.
How awful that Israel is cooperating with the new world order. After all that God has done for them, and they gleefully cooperate with end times behavior. LORD, please open their eyes and reveal yourself to them, in Jesus Name.
Yep
Their eyes will be opened when comes the abomination that causes desolation. As prophesied by Daniel and reiterated by Jesus Christ.
And then shall be Great Tribulation such as never before...
This is going to only cause more black market crimes.
Let’s not forget that the Democrats recently tried this at a $600 limit. There was massive outcry.
Consider the new rules for the Cash Apps and income reporting here in the US.
I didn't know there was a push in Israel for totalitarian government. Sad.
There is so much happening in the world on all fronts.
FR used to be quite on point with much these happenings.
✔️😇
Same in Israel. Everyone will ignore this.
...and the back end of that horse was name Justin Castreau!
New election coming soon. This is the last gasp of the lame duck liberals.
When I was a teenager, I was arrested in Israel for selling black market goods.
Eggs. Chicken eggs from our farm.
I wear it as a badge of honor.
The first time I went to Tel Aviv was a 3 day pass I took from the MFO in the Sinai in 1986.
Walking around downtown I was approached over and over by people wanting to exchange my US dollars for Shekels. I assumed it was a scam and checked into my hotel. Like most larger European hotels it had a small bank in the lobby.
I went up to the window and asked to change $200 American to Shekels. The teller gave me a funny look and asked if it was my first time in Israel. I told him it was and he said he could exchange it for me no problem, but that I would get a much better rate on the street.
He explained that items bought with foreign currency avoided a Value Added Tax of between 20-25% to encourage tourism.
That seems very sad. I can understand the badge of honor, but I am shocked at the government of Israel bestowing such.
There are many who say that the government of Amaerica wants to make all citizens criminals. It makes them easier to control.
Use cryptocurrency. Transfer from one wallet to another. If necessary, use privacy tokens.
We literally have 50% suicidal liberals in government.
Power is slowly shifting as the pathetic Bolshevik crowd dies off.
Rd later.
The stated purpose of the law is to force the public to use digital means of payment rather than cash.
FOR MORE CONTROL OVER YOU
I cannot tell you how repulsed I am by this control of cash/digital.
Recall they tried that here with a $600 limit and sneaking it into a bill just a few months ago. Banks needing to report it etc.
This new world they are building? I do not want to live in it.
Government:
“I see you have some money. Give it to me.”
Boooooooo!!!
Disclaimer: Opinions posted on Free Republic are those of the individual posters and do not necessarily represent the opinion of Free Republic or its management. All materials posted herein are protected by copyright law and the exemption for fair use of copyrighted works.