Members of the Knesset have given their approval in both the second and third readings for a bill that will reduce the penalties imposed on administrative and criminal fines in cases of delayed payment. 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.
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