The Ministry of Finance has canceled the plan to offset greater funds spending by not elevating of the ceiling for pensioners’ tax-free earnings, after “Globes” revealed the related clause within the Financial Preparations invoice for the 2023-2024 funds.

The consequence, which might have saved the state funds NIS 700 million yearly, would have price senior residents lots of of shekels month-to-month taken from pension funds. The tax exemption ceiling will now be raised from 52% of earnings to 67%.

The cancellation of the federal government plan was introduced by Minister of Tourism Haim Katz after he reached an settlement with Minister of Finance Bezalel Smotrich.

Printed by Globes, Israel enterprise information – en.globes.co.il – on March 19, 2023.

© Copyright of Globes Writer Itonut (1983) Ltd., 2023.