The difficulty in obtaining original tax invoices from suppliers has severely affected tens of thousands of small and medium-sized businesses.
By JERUSALEM POST STAFFCalculating taxes(photo credit: INGIMAGE)
Some NIS 1.5 billion in tax returns per month during the coronavirus crisis has remained in state coffers and haven’t been returned to businesses, a market study by Segment Information Technologies has found.This is due to the difficulty in obtaining original tax invoices from suppliers and reporting tax, which has severely affected tens of thousands of small and medium-sized businesses.According to the study, businesses in Israel issue hundreds of millions of invoices that are produced every month and reach their destination via Israel Post or personal delivery. Some of the invoices were not processed due to staff reductions in the various accounting departments.Accountant Stav Shacham, CEO of Segment Information Technologies, said the matter could be resolved through digital invoicing.“During the coronavirus period, there has been an increase of tens of percent in companies and businesses in Israel switching to using the Segment invoice portal, which collects, receives and automatically checks invoices upon order and in accordance with the Tax Authority’s instructions.”
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