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 .
Nigeria Nigeria Latest News, Nigeria Nigeria Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Source: BTCTN - 🏆 531. / 51 Read more »