The following are the new tax changes as published by the Israel Tax Authority:
Tax credits
value of tax credit point 209 shekels
qualifying income ceiling for section 45 alef 8,200 shekels
25% credit ceiling 143.50 shekels
35% credit ceiling 200.90 shekels
minimum annual donation (charity) 310 shekels
Tax deductions
qualifying income ceiling for section 47 8,200 shekels
5% ceiling – savings for section 47 410 shekels
Tax exemptions
pension credit ceiling (for pensioners) 7,990 shekels
35% tax exemption ceiling for pension 2,796.50 shekels
exempt severance pay ceiling (per year worked) 11,650 sh.
exempt personal presents 200 shekels
exempt subsistence allowance for foreign
workers (per day) 310 shekels
exempt ceiling for blinddisabled 48,300 shekels
ceiling loan balance 7,320 shekels
percent of interest according to section 3 tet 4.00%
base ceiling for exemption on employer’s allocation
towards keren hishtalmut 15,712 sh
base ceiling for exemption on employer’s allocation
towards kupat gemel for pension 33,228 sh
exempt subsistence per year of work 112 sh
Tax discounts
A rated settlements * 18,970 shekels
B rated settlements * 12,640 shekels
Miscellaneous
maximum tax rate for partialqadditional income 45%
maximum tax value for cell phone usage 100 shekels
* For a full list of the approved settlements for 2011 consult the tax authorities.
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