Knesset Approves New Law Grants More Time for Fine Payments: What You Need to Know

A bill that will reduce the penalties imposed on administrative and criminal fines in cases of delayed payment has been approved by members of the Knesset. Under the new law, a fine of 1,000 shekels that is not paid on time will increase to 1,420 shekels within a year, instead of the previous 1,600 shekels. This means that individuals and businesses will have more time to pay their fines without facing harsh consequences.

The new regulations were introduced to provide greater flexibility for those who are unable to pay their fines immediately. The penalty interest will be applied to the debt every three months under the Penalty and Indexation Law without compounding interest. This means that individuals and businesses can take longer to pay their fines without accruing additional interest charges.

It is important to note that these new regulations will only come into effect starting on January 1, 2025. This gives individuals and businesses more time to adjust their financial plans and prepare for the changes in the law. Overall, these new regulations are intended to provide greater fairness and flexibility for those facing fines in Israel.