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      Archive: 2/6/2012
      13:31
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      News Brief

        2/6/2012, Shevat 13, 5772

      Bill to Charge National Insurance 1% for Late Refunds


      The Knesset Labor, Welfare and Health Committee approved, Monday, the version of a bill that will go to the Knesset for its final readings, under which the Bituach Le'umi National Insurance Institute will be charged a one-percent late fee for withholding refunds for more than a year on overcharges collected from individuals or businesses. Bituach Le'umi already has to add the cost of living to the amount it refunds.

      Committee Chairman Chaim Katz said, "It's unthinkable that the delay in refunding money to innocent citizens not be translated to interest." The institute and the Finance Ministry support the measure.