The government authorized establishment of a committee to examine ways to eliminate cash from the Israeli economy
By David Lev
The government on Tuesday authorized establishment of a committee that will examine ways to eliminate cash from the Israeli economy – the better to prevent citizens from cheating on their taxes. The committee will be chaired by Harel Locker, director of the Prime Minister’s Office.
Cash is easily passed from individual to individual, and transactions using cash can take place without the tax man’s supervision. Not so electronic transactions; with modern computers, banks can keep tabs on how much people deposit into their accounts and how much they withdraw, while credit card companies have an up to the second record of how much people spend.
Members of the panel will include top staff from the Israel Police, the Tax Authority, the chairman of the Government Authority on Money Laundering and Terror, the Bank of Israel’s income and payments director, State Attorney’s office officials, and more.
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