Israel Approves New Law Easing Financial Burden on Late Payers

By Eleanor Harrison Mar28,2024
The Knesset cuts penalties for late fine payments

The Knesset has recently approved a bill that will reduce the penalties imposed on administrative and criminal fines in cases of delayed payment. This new law, which was passed in both the second and third readings, will take effect starting on January 1, 2025. Under the new regulations, the fine will be set at 30% of the original amount, rather than the previous 50%. Additionally, penalty interest will be applied to the debt every three months under the Penalty and Indexation Law without the calculation of compound interest.

This means that a fine of 1,000 shekels that is not paid on time will increase to 1,420 shekels within a year. However, this increase is significantly lower than the previous one. This change will give some relief to individuals and businesses who may have struggled to pay their fines on time.

It’s important to note that these new regulations only apply to cases where payment has been delayed beyond a certain period. The specific details of how long a payment must be delayed before these new rules take effect can be found in the bill itself. Overall, this new law should help alleviate some financial burdens for those who have fallen behind on their payments.

By Eleanor Harrison

As a content writer at newseasoning.com, I infuse flavor into words, crafting compelling stories that captivate and inform our audience. With a keen eye for detail and a passion for creativity, I strive to create content that not only engages but also inspires. Whether I'm concocting a savory blog post or whipping up a spicy product description, I pour my heart and soul into every piece I write. Join me on this flavorful journey as we explore the tantalizing world of content creation together.

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