Tax authority transfered a total amount of NIS 153 million about 2,000 individuals and companies

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by Ifi Reporter Category:Government Oct 1, 2020

The tax authority transfers hundreds of millions of shekels in tax refunds to businesses in a concentrated manner. The Authority announced today (Thursday) that out of a desire to help businesses in Israel, in light of the cash flow difficulties they encountered as a result of the economic consequences of the Corona virus and the tightening of restrictions, tax refunds amounting to hundreds of millions of shekels were released this week. Those eligible will be able to see the money in their bank accounts in the coming days.
In this context, income balances in the total amount of NIS 153 million were released to the income tax for about 2,000 individuals and companies that had refunds in the review process. Some of the funds gradually entered the bank accounts as early as Tuesday, with the move coming to an end as early as tomorrow, with the entry of additional refunds into the bank accounts.
In a parallel process in the VAT system, input tax refunds in the total amount of NIS 281 million were transferred to the bank accounts of about 29,000 dealers. A similar move was made last March, in which tax refunds amounting to NIS 1 billion were transferred.
The director of the Tax Authority, Eran Yaakov, said that "in a special effort, the Tax Authority carried out a concentrated move in the income tax and VAT systems, as part of which tax refunds amounting to hundreds of millions of shekels were released this week."
Yesterday, the Tax Authority reported that it had given an immediate order to transfer about NIS 195 million to those entitled to advances for an additional work grant for 2020. Those entitled will be able to see the money in the bank's accounts as early as Sunday. The announcement stated that following the bill approved by the Knesset, the Tax Authority transferred the money to the bank accounts of about 200,000 employees and self-employed people who were found to be entitled to an advance for an additional work grant for 2020.
The advances were given to those entitled to a work grant for 2019, and their amount is 25% of the grant amount paid for this year. The money will go into the bank accounts this coming Friday and those eligible will be able to see it on Sunday. The advance is at the expense of the addition to the work grant, which was approved by the Finance Committee and the Knesset plenum, in the amount of 62% of the grant amount for the months of April to December 2019, and will not be less than one thousand shekels.
The balance of the supplement to the grant will be paid together with the basic grant for the year 2020. Subsequently, the advance, together with the basic grant, will also be paid to those who find themselves entitled to the grant during 2020.
The approved law also includes extending eligibility for the Small Business Assistance Grant for participation in fixed expenses, so a 25% reduction from the May-June 2020 period is sufficient to be eligible for the grant.
Meanwhile, the Tax Authority announced yesterday that the possibility has been opened to submit applications for an advance for a grant for participation in fixed expenses for businesses with a turnover of up to NIS 400 million for the months of September-October 2020.
The grant is intended for businesses whose turnover in September-October 2020 was affected by at least a 25% outbreak of the corona virus compared to the same period in 2019. The down payment amounts will be at the rate of 50% of the March-April or May-June grant at the choice of the submitters. Advance applications can be submitted from yesterday (September 30, 2020) until October 31, 2020.

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