The Israeli Tax Authority recently issued guidance to clarify the increase in the standard VAT rate from 17% to 18% with effect from 1 January 2025. This includes guidance on applying the correct VAT rate for various transactions, including supplies of goods and services, real estate, imports, and certain others. Guidance is also provided in relation to invoicing procedures and credit notes considering the VAT change. For supplies of goods and services in general, the applicable rate depends on whether the accrual or cash basis applies. Where the accrual basis applies, the applicable rate depends on when the supply is...