Plan not to raise pension tax exemption ceiling canceled

The Ministry of Finance has canceled the plan to offset higher budget spending by not raising of the ceiling for pensioners’ tax-free income, after “Globes” revealed the relevant clause in the Economic Arrangements bill for the 2023-2024 budget.

The result, which would have saved the state budget NIS 700 million annually, would have cost senior citizens hundreds of shekels monthly taken from pension payments. The tax exemption ceiling will now be raised from 52% of income to 67%.

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

Published by Globes, Israel business news – – on March 19, 2023.

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

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