Israel Debates Canceling NIS 200 Banknote to Combat Black Economy
Summarized from The Jerusalem Post by baba
Israel's Tax Authority is pushing to cancel the NIS 200 banknote to fight the black economy and boost tax revenue by an estimated NIS 20-30 billion. Tax Authority Director Shay Aharonovitz believes this is a necessary step, warning of a difficult budget ahead. However, the Bank of Israel opposes the cancellation, stating there is no professional justification and that no country has eliminated cash entirely. The Bank's Governor has no intention of canceling any banknotes.
The story in 6 lines · by baba
- Tax Authority Director Shay Aharonovitz called for canceling the NIS 200 banknote to fight the black economy.
- The Tax Authority estimates canceling the NIS 200 note could bring in NIS 20-30 billion in collections.
- The Bank of Israel opposes canceling the NIS 200 banknote, citing no professional justification.
- The Bank of Israel stated that no country has canceled cash entirely.
- The Bank of Israel Governor has no intention of canceling any banknotes.
- Tax Advisers Chamber President Yaron Gindy suggested reducing bureaucracy instead.
The Jerusalem Post publishes in English. The key points are summarized above. Read The Jerusalem Post’s full report from the link at the top of the page.
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