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 Israel’s State Comptroller and Ombudsman, Matanyahu Englman, has flagged significant issues in the country’s cryptocurrency tax collection, warning that these shortcomings should be addressed before imposing broader tax increases on the public.
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Englman, whose role is to review and audit the policies and operations of the Israeli government,<a href="https://en.globes.co.il/en/article-state-comptroller-tax-authority-missed-nis-3b-from-crypto-1001493298" rel="noopener noreferrer nofollow"> reportedly</a> published a critical report on November 5. This report focused on the country’s taxation policies and processes from 2018 to 2022 among other issues. It revealed that Israel missed out on an estimated NIS 3 billion in tax revenue from the emerging cryptocurrency sector during that period.
According to the report, Israel’s Tax Authority received only around 500 annual reports of cryptocurrency transactions—just 0.25% of the estimated 200,000 wallet holders in the country. Englman suggested that the actual number of cryptocurrency users could reach as high as 1.7 million, indicating extensive underreporting.
Englman criticized the Authority’s efforts, noting it has issued just three publications on cryptocurrency taxation since 2018. He argued that existing tax regulations hadn’t kept pace with the sector’s rapid growth, leaving a substantial gap in taxable crypto activities.
The report also touched on Israel’s broader economic challenges, including rising food prices—which surged 2.9% to 6% during the ongoing Israel-Hamas conflict—and a mounting debt due to increased security expenses.
Englman emphasized the urgency of the situation and urged the country’s leaders to implement and monitor necessary reforms. He stressed the importance of updating tax policies and other regulatory frameworks to effectively manage the cost of living and ensure fiscal stability in the face of economic and security challenges.
This call for reform of the Israeli tax laws aligns with a global trend, as countries like the Netherlands are advancing<a style="color: #0000ff;" href="https://defi-planet.com/2024/08/comparing-crypto-tax-policies-across-nations-what-you-need-to-know/" rel="noopener noreferrer nofollow"> tax frameworks for crypto</a>. The Dutch Ministry of Finance<a style="color: #0000ff;" href="https://defi-planet.com/2024/10/netherlands-seeks-public-input-on-proposed-crypto-tax-rules/" rel="noopener noreferrer nofollow"> recently began consultations</a> on new crypto tax regulations, scheduled for implementation by January 2026.&nbsp;
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The post <a href="https://defi-planet.com/2024/11/israel-misses-out-on-billions-in-revenue-from-crypto-taxes-government-watchdog/" rel="noopener noreferrer nofollow">Israel Misses Out on Billions in Revenue from Crypto Taxes — Government Watchdog</a> appeared first on <a href="https://defi-planet.com" rel="noopener noreferrer nofollow">DeFi Planet</a>.

Israel Misses Out on Billions in Revenue from Crypto Taxes — Government Watchdog

DeFi Planet

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