Starting Monday, it will be a criminal offense in Israel to pay more than the equivalent of $1,700 in cash to a business or $4,360 in cash to individual, as the government intensifies its ongoing war on tangible money.
It's a war that began in earnest with the 2018 passage of the Law for the Reduction in the Use of Cash. Israeli businesses and individuals began facing limits on cash transactions in January 2019. However, on Aug 1, those limits are being slashed nearly in half.
“We want the public to reduce the use of cash money,” Tamar Bracha, who's responsible for carrying out the law for Israel’s Tax Authority, told The Media Line.
“The goal is to reduce cash fluidity in the market, mainly because crime organizations tend to rely on cash. By limiting the use of it, criminal activity is much harder to carry out.”
Poster Comment:
Imagine life in Israel! 100% of the accountants, tax collectors and lawyers are Jewish.