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New Knesset Bill Reduces Penalties for Late Payments of Administrative and Criminal Fines

BySamantha Nguyen

Mar 28, 2024
The Knesset decreases penalties for late payment of fines

A bill passed by the Knesset in its second and third readings will result in reduced penalties for late payment of administrative and criminal fines. Under the new law, the penalty will now be 30% of the main amount of the fine, instead of the previous 50%. This means that if a person is fined 1,000 shekels and fails to pay it on time, they will only have to pay an additional 300 shekels in penalties, instead of 600 shekels as before.

The new law also includes a provision that penalty interest will be added to the debt every three months without compounding. This means that the penalty will only be charged on the original debt and not on any previously unpaid penalties. For example, a fine of 1,000 shekels that is not paid on time will increase to 1,420 shekels in a year, rather than 1,600 shekels.

It is important to note that these new regulations will not go into effect until January 1, 2025. This gives individuals and organizations ample time to adjust their payment schedules accordingly and avoid unnecessary penalties.

By Samantha Nguyen

As a content writer at newsqwe.com, I am passionate about crafting engaging and informative articles that captivate our audience. With a background in journalism and a keen eye for detail, I strive to deliver content that is not only well-researched but also adds value to our readers' lives. From breaking news stories to in-depth features, I take pride in my ability to tell compelling stories that resonate with our diverse audience. When I'm not typing away at my keyboard, you can find me exploring new cafes, practicing yoga, or getting lost in a good book. I am thrilled to be a part of the newsqwe.com team and look forward to sharing my love for writing with all of our readers.

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