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Israel's Cabinet Approves Family Tax Breaks

by Lorys Charalambous, Tax-News.com, Cyprus

05 May 2017


Israel's Cabinet has approved a rise in tax credits for working families in a move that is expected to add thousands of shekels a year to post-tax incomes.

Currently fathers can claim one credit point of ILS215 (USD59) a month for a child's first year, two points between age one and three, and one point between age three and four.

Meanwhile, mothers can receive a half point in the first year and two points between a child's first and sixth birthdays.

Under the approved change, men and women will both be entitled to 1.5 tax points in year one, followed by 2.5 points for children between the ages of one and six.

Israel's Finance Minister, Moshe Kahlon, announced the tax credit proposal in April under his Net Family Plan.

The plan also detailed yet-to-be-approved measures to scrap import taxes on shoes, mobile phones, and reduce duty from six percent to three percent for baby clothes.

There were doubts as to whether the measures would be adopted in their current form after reports that Kahlon announced the plan without consulting Prime Minister Benjamin Netanyahu.

TAGS: Finance | tax | Israel | tax credits

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