• Fri. Jun 14th, 2024

New Knesset Bill Eases Penalties for Late Fine Payments: Reduced Fines and Interest Rates

BySamantha Jones

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

A bill has been passed by the Knesset in the second and third readings, which 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%. Additionally, penalty interest will be added to the debt every three months without compounding, meaning 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 change in legislation aims to provide relief to individuals who may have difficulty making timely payments due to financial hardship or other reasons.

By Samantha Jones

As a dedicated content writer at newszxcv.com, I bring a passion for storytelling and a keen eye for detail to every piece I create. With a background in journalism and a love for crafting engaging narratives, I strive to deliver informative and captivating content that resonates with our readers. Whether I'm covering breaking news or delving into in-depth features, my goal is to inform, entertain, and inspire through the power of words. Join me on this journey as we explore the ever-evolving world of news together.

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