Currency and Value Added Tax info


Currency and Value Added Tax info
(From - Useful links and info)

Currency

The currency is in NIS - New Israeli Shekel.
Many merchants will take dollars and give change in shekels.
Surprisingly, when you do this the rate of exchange is usually quite good.
Also there are many ATM machines that will debit your U.S. account and
give you shekels at a great exchange rate.
Banks and post offices can change your dollars into shekels,
as can most big hotels, thought the rate at the hotels will
not usually be as favorable.
Many restaurants and tourist sites take credit cards.

Value Added Tax (VAT)
A value added tax of 18% is levied on all goods and services and
is included in the quoted price.
Tourists are usually exempt from this tax if they pay in foreign currency.
Tourists who have paid the VAT on items exceeding $1,000 may be entitle
to a VAT refund at the point of departure.
The minimum purchase required should exceed $100 USD per VAT refund invoice.
Only goods purchased at stores listed and included in the VAT refund arrangement
are eligible for refunds.
There is no eligibility for VAT refund for purchases made in any other stores.
Obtain an invoice/receipt from the shop, indicating the amount of VAT paid.
All goods need to be purchased for personal use only,
in a non-commercial quantity.
There is no VAT refund on food and tobacco products.
To be eligible for VAT refund, the goods must be exported from Israel with you.
The invoice and the goods purchased should be sealed in a transparent bag.
This seal may not be broken until departure. At your departure, a customs official
will open the sealed bag verify the contents, stamp the invoice, and either refund
the VAT less commission or arrange for a refund to be sent to you at your home.
 
 




  
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