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Your Taxes: Charity and Squatting

The Israeli Tax Authority (ITA) has announced a new tax credit for donations to approved Israeli charities, allowing individuals to receive a 35% tax credit within certain limits. Previously, individuals had to wait until the end of the year and file an annual tax return to receive a refund. The ITA has now implemented an automatic electronic system that notifies employers of the tax credit due to an employee when a donation is made. The employee will then receive the tax credit against their salary without having to request it. This system was piloted in April 2024 and has gradually been expanded to more charities.

Original article source: https://www.jpost.com/business-and-innovation/banking-and-finance/article-829719
Source Id: 8417679128

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