Thursday, 15 December 2011

New Income Tax Changes for Working Fathers

“The Israeli Knesset has just passed an amendment which will raise Israeli tax rates for many in 2012. This is pursuant to the Law for Change in the Tax Burden (Legislative Amendments), 2011 (Book of Laws 2324, December 6, 2011).
Working fathers will receive extra “credit points” (personal tax allowance) one point in the year of birth; two points in each of the next two years; one point in the year the child reaches three years old. Each point saves tax of around NIS 209. It apparently doesn’t matter if the father isn’t married and doesn’t have custody of the children. This is not chauvinistic as working mothers already receive extra points. “ - Thanks to Leon Harris for this information
We recommend that your contact you accountant to receive more information.

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