Finance Minister Yair Lapid signed an order yesterday (Monday) completely exempting from customs duties products imported through personal import, whose price does not exceed $500. Until now, the exemption ceiling was $325. The move is expected to deduct about 4 million shekels from the state treasury each year.<\/p>\r\n
We note that the VAT exemption ceiling has not changed, so any purchase over $75 will legally require payment of VAT.<\/p>\r\n
Minister Lapid noted upon publishing the announcement that "in the fight against the cost of living, we are also looking to the future, and therefore today we have come out with good news for consumers who shop online and approved an increase in the full exemption from paying customs duties for importing products via the Internet. This is another step that joins the effort we are leading to lower the cost of living by lowering prices and encouraging competition in the economy.".<\/p>\r\n
This step is intended to benefit individual consumers who import products on a personal basis and reduce the cost of living in Israel, while leveraging the advantages of the Internet to overcome barriers and encourage competitiveness.<\/p>\r\n
According to the order, the exemption from paying customs duties on personal imports will apply if all three of the following conditions are met: the goods are imported by mail or air, the goods are intended for personal use, and the transaction price does not exceed $500.<\/span><\/p>\r\n\u00a0It should be emphasized that the aforementioned exemption will not apply to the import of tobacco products, alcohol, and intoxicating beverages.\r\n Among the products that will benefit from the exemption, and which are common in personal imports, are clothing and textile products, for which the customs duty rate is 6%, footwear products, for which the customs duty rate is 12%, and cosmetics and toiletries, for which the customs duty rate is 12%.<\/p>","protected":false},"excerpt":{"rendered":"The Minister of Finance yesterday signed the exemption from customs duties on goods imported through personal import, which do not include tobacco products and intoxicating beverages. \u2022 Minister Lapid: "This is another step that joins the effort we are leading to lower the cost of living by encouraging competition in the economy"\"","protected":false},"author":10,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[4],"tags":[],"class_list":["post-103528","post","type-post","status-publish","format-standard","hentry","category-4"],"acf":[],"yoast_head":"\n