Tax revenues were short by NIS 2.8 billion of the target for the first half of 2012, the Ministry of Finance reported today. The budget deficit was NIS 5 billion in June and NIS 10 billion in the first half.
Tax revenues totaled NIS 109.3 billion in the first half, 0.7% more than in the first half of 2011, but below target. The indirect taxes shortfall was NIS 1.85 billion, the direct taxes shortfall was NIS 710 million, and the fees shortfall was NIS 260 million.
Real estate tax revenues totaled NIS 2.86 billion in the first half, 30% less than in the corresponding half, and indirect tax revenues fell 1.5% to NIS 51.1 billion.
Tax revenues totaled NIS 16.4 billion in June, 5.3% more than in June 2011. The Ministry of Finance said, "June was the first month this year in which tax revenues exceeded the target, by NIS 160 million.
Direct tax revenues totaled NIS 8.3 billion in June, 6.9% more than in June 2011, and indirect tax revenues rose 4.3% to NIS 7.6 billion. But capital market tax revenues fell 4.6% to NIS 169 million in June and real estate tax revenues fell 37.8% to NIS 440 million.
Published by Globes [online], Israel business news - www.globes-online.com - on July 4, 2012
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