On 4 March 2024, the Finance Committee of Israel's Knesset (parliament) approved an additional tax of 6% that would apply to financial institutions with assets equal to at least 5% of the total of all assets held by Israeli banks. The additional tax would apply from 1 April 2024 to 31 December 2025 and is meant to generate an additional ILS 2.5 billion in revenue. If the target revenue amount is exceeded, the excess is to be refunded on a pro-rata contribution basis. The additional tax must now be approved by the full Knesset.