The Tax Authority of Israel released amended Value Added Tax (VAT) Circular 3/2017 on September 4, 2017. Under section 67 (a2) (1) of the VAT Law, the amount of the transactions turnover was updated. The VAT return threshold amount sets at NIS 1,490,000 instead of NIS 1,500,000. This amount will be applicable from January 1, 2018. According to Section 67 (a2) (1) of the VAT Law, taxable persons with annual turnover more than the threshold amount are required to submit VAT returns on a monthly basis. But taxpayers with annual turnover not exceeding the threshold are need to submit VAT returns on a bimonthly basis.
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