Israel votes nearly 4 billion euros in war indemnity for companies

Israel votes for war indemnity

Last Thursday, the Knesset, the Israeli parliament, approved a 3.6 billion euro aid package for entrepreneurs and employees affected by the war between Hamas and the Hebrew state. These much-awaited subsidies are akin to "pocket money for some...

The third attempt was the right one. After two first readings in the Knesset, the Israeli parliament approved on Thursday November 9 a compensation plan for companies experiencing major difficulties since the start of the conflict between Hamas and Israel on October 7. 15 billion shekels (Israeli currency), or around 3.6 billion euros, will be distributed to self-employed entrepreneurs, private companies and limited liability companies. This aid is similar to that provided during Covid-19 to ensure the survival of businesses, but is unlikely to work miracles...

Proposed by the Knesset at the start of the war, this aid plan was repeatedly rejected by the federation of chartered accountants, who feared a double standard in the allocation of subsidies. "We had to find the right formula to hurt as few people as possible. After several weeks of discussions, they finally reached a consensus. It was about time, because we didn't know what to do..."testifies Capital Natanel Cohen, partner at Dray & Natco, specializing in tax and accounting.

Emergency aid won't save everyone

Thousands of entrepreneurs and employees in the north and south of the country, directly affected by the fighting, have had to leave their homes and jobs, for an as yet undetermined period of time. For Natanel Cohen, the most important thing is to ensure an income for their employees. "They depend solely on their salary, they have no other source of income, and when the husband is called up as a reservist, his wife has to stay at home to look after the children and collect unemployment benefit, which unfortunately doesn't match her usual salary."explains Natanel Cohen. However, Parliament has provided for a reduction in the number of people entitled to unemployment benefits, even those who have already exhausted their entitlement, from 18 months to six months of work.

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Boruch Levenson - CPA

A native English speaker qualified in both Israel and the UK, Boruch cares for the English speaking clients.

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