Israel Considers Eliminating NIS 200 Bill to Combat Black Market
Translated & summarized from Panet by baba
Israel's Tax Authority Director Shai Aharonovich proposed eliminating the NIS 200 banknote to fight illicit funds and avoid tax increases. Speaking in Eilat, he cited police findings on cash transactions as justification for difficult measures. Aharonovich believes a complete ban on cash could generate NIS 20-30 billion in annual tax revenue, but the Bank of Israel opposes the idea.
The story in 5 lines · by baba
- Tax Authority Director Shai Aharonovich proposed eliminating the NIS 200 banknote.
- The proposal aims to combat "black money" and prevent future tax hikes.
- A complete ban on cash payments could generate NIS 20-30 billion in annual tax revenue.
- Police investigations have highlighted the prevalence of cash transactions.
- The Bank of Israel opposes the elimination of the NIS 200 banknote.
The Director of the Tax Authority, Shai Aharonovich, stated on Tuesday that eliminating the NIS 200 banknote is a possibility being considered as part of efforts to combat "black money" and prevent significant tax hikes in the coming months. Speaking at the annual conference of tax consultants in Eilat, Aharonovich indicated that a portion of cash payments, recently restricted, would have to be canceled. He noted that while the Bank of Israel opposes the removal of the NIS 200 bill, police investigations, particularly concerning local authorities, have revealed the extent of cash transactions. Aharonovich urged the adoption of difficult measures, starting with the elimination of the NIS 200 note and potentially leading to a complete ban on cash payments in the future. He asserted that ending cash payments in Israel immediately would result in an additional NIS 20 to 30 billion in tax revenue annually, thereby averting other painful fiscal measures, though he reiterated the Bank of Israel's opposition.
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