The Ministry of Economy and Industry and the Ministry of Finance brought forth the bill to the government following recommendations made by the Small and Medium Businesses Agency. Small and medium-sized businesses are often forced to wait extensive amounts of time to be paid by the government and are consequently forced into financial distress.
Netanyahu Approves New Law To Protect Israeli Businesses From Poor Payment Ethics
The Israeli government passed a law on Sunday, January 31 designed to protect small and medium-sized businesses and start-ups working on government contracts. The bill will ensure that businesses are paid within 30 days from the end of the month on which an invoice is issued.