Mon. Jun 17th, 2024
The Knesset cuts penalties for late fine payments

Starting on January 1, 2025, a new law will take effect that will reduce the penalties imposed on administrative and criminal fines in cases of delayed payment. This bill, which was approved in both the second and third readings by members of the Knesset, will set the fine 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.

Under this new law, 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 for individuals and businesses to take note of these new regulations and ensure that they are paying their fines on time to avoid any additional penalties.

By Aiden Nguyen

As a content writer at newscholarly.com, I delve into the realms of storytelling with the power of words. With a knack for research and a passion for crafting compelling narratives, I strive to bring forth engaging and informative articles for our readers. From decoding complex concepts to unraveling current events, I aim to captivate and educate through the art of writing. Join me on this journey as we explore the ever-evolving landscape of news and knowledge together.

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