- The Israeli Tax Authority has established guidelines for a new e-Invoicing system to be implemented from April 1, 2024.
- Businesses must use certified representatives to acquire approved sales invoice numbers.
- Mandatory adoption of e-Invoicing begins in April 2024 for transactions exceeding NIS 25,000.
- The threshold for mandatory adoption decreases annually, reaching NIS 5,000 in January 2028.
- The e-Invoicing system aims to digitize tax compliance, streamline processes, and enhance financial transparency.
- B2B electronic invoicing in Israel involves creating, sending, and processing invoices electronically.
- e-Invoices must include a unique allocation number, digital signature, accurate transaction details, and be securely stored for 7 years.
- The e-Invoicing system initially targets VAT registered businesses involved in B2B transactions.
- Benefits of e-Invoicing in Israel include efficiency and cost reduction, improved cash flow, enhanced compliance, and data management and insights.
Source: rtcsuite.com
Note that this post was (partially) written with the help of AI. It is always useful to review the original source material, and where needed to obtain (local) advice from a specialist.
Latest Posts in "Israel"
- Jerusalem Court Reclassifies Bank of Jerusalem’s Insurance Agency as Financial Institution for VAT
- Israel Investigates Major Tax Fraud in Alibaba, AliExpress Imports by Tim International Transport
- Israel Accelerates CTC Invoice Allocation Number Timeline to Combat Fraudulent Invoices by 2026
- Israel Invoicing Model to Combat Fictitious VAT Claims, Thresholds for allocation numbers are NIS 20,000 in 2025, NIS 10,000 from 1 January 2026, and NIS 5,000 from 1 June 2026
- E-Invoicing in the Middle East: The Digital Tax Transformation Businesses Can’t Ignore
