Tax benefit: The State of Israel has approved a tax benefit for those aged 55 and over Who have accumulated 300 thousand NIS or more

For comparison, testing and analysis, click here.

For a review, comparison, and analysis of the Amendment 190 tax benefit, click here.

What is Amendment 190?

Almost a decade has passed since Amendment 190 to the Income Tax Ordinance was approved in May 2012, and in retrospect, a small change managed to make a big revolution for the public who save in the field of investments, provident funds and liquid funds. Amendment 190 concerns issues of taxation of pensions and investments and is relevant mainly to members with available funds who are approaching the age of 60, and those who are looking for additional investment alternatives. This is a product from the field of long-term savings, and therefore the withdrawal of funds by the member is provided in two ways

  1. Tax-free monthly pension starting at age 60
  2. A one-time withdrawal by way of pension capitalization and a tax payment of approximately 15% nominal starting at age 60.
Still working?
pensioner?

Who might Amendment 190 be particularly suitable for?

Mainly for high-income earners or those with spare funds approaching the age of 60 and wishing to deposit for their long-term savings. Repair 190 has many advantages such as

* Switching between investment tracks without a tax event
* Reduced tax payment of approximately 15% nominal instead of a real capital gains tax of 25%.
* Investment diversification – provident funds invest in tradable assets and non-tradable assets, alternative investments
* Leverage – You can take out a loan against your provident fund account.
* Intergenerational inheritance – It is possible to define beneficiaries in the provident fund to whom the funds will be transferred in the event of death. It is important to note that if the member dies before the age of 75, the funds will be available for withdrawal without paying capital gains tax, and if the member dies after the age of 75, there will be a tax payment of approximately 15% of the nominal profit only.

Still working?
pensioner?
  1. To receive and enjoy the benefits of Amendment 190, you need to meet 4 main criteria, which are:
  2. Age 60 and over
  3. Are entitled to a minimum pension of approximately NIS 4,500
  4. Making deposits to the provident fund after 1/1/2012
  5. Signing a statement confirming that deposits have been made to the fund and that these deposits meet the deposit ceiling set by law (this is a variable deposit ceiling that depends on the saver’s age).

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*This article, in part or in whole, does not contain any promise of achieving returns from investments, and nothing contained herein constitutes professional advice to make investments in any field.

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