Israel’s tax authority ‘disappointed’ in voluntary crypto disclosures: Report
Israeli crypto tax disclosures have been far below expectations despite a new voluntary disclosure policy that grants immunity from criminal charges. The Israel Tax Authority had hoped to collect up to $1 billion in taxes from corrected crypto reporting, but so far has reportedly received only about $50 million in combined capital gains disclosures. Only 58 taxpayers are said to have used the procedure. The policy applies to crypto holders whose assets did not exceed about $522,000 as of December 2024, provided they submit accurate reports and pay all owed taxes by Aug. 31, 2026. Tax professionals say the process is less attractive because it does not offer anonymity at the start and many taxpayers may not perceive high enforcement risk. Bank of Israel data estimated Israelis held roughly $1 billion in crypto assets in early 2024.
