• Thu. Jun 13th, 2024

Reduced Penalties for Delayed Payments: New Israeli Bill Brings Relief and Encourages Compliance

BySamantha Johnson

Mar 28, 2024
The Knesset cuts penalties for late fine payments

A bill that will reduce the penalties imposed on administrative and criminal fines in cases of delayed payment has been approved by members of the Knesset. Under the new law, 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, as opposed to the previous 1,600 shekels. It is important to note that these new regulations will only come into effect starting on January 1, 2025.

The bill was introduced by MK Yehuda Glick (Likud) and received support from both Likud and Meretz parties. The new regulations are intended to provide relief for individuals and businesses who may struggle with paying fines on time due to unforeseen circumstances or financial difficulties.

The reduction in penalties will also encourage compliance with legal obligations and reduce the burden on law enforcement agencies responsible for enforcing fines. This could potentially lead to more efficient use of resources and improved public safety.

By Samantha Johnson

As a dedicated content writer at newsanguinely.com, I weave words into compelling stories that captivate and inform our readers. With a passion for storytelling and a keen eye for detail, I craft engaging articles that shed light on the latest news and trends. When I'm not typing away at my keyboard, you can find me exploring new ideas, researching diverse topics, and striving to deliver content that resonates with our audience. Join me on this journey as we uncover the stories that matter most.

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