Israel's tax collection surplus in the first nine months of 2016 was NIS 5.8 billion, the Ministry of Finance reported today.Tax collection is up 6-7% in 2016, compared with the corresponding period of 2015.
In September, tax collection totaled NIS 25.3 billion, the Ministry of Finance announced today, up 13.1% from September 2015. The jump in tax collection was accentuated by the fact that all the High Holydays this year fall in October, meaning there were more business days in September this year than last year.
Tax collection in September from the capital market was NIS 316 million, up 36.2%. However, since the start of 2016, tax collected from Tel Aviv Stock Exchange activities has fallen 36% due to lower trading turnovers.
Tax collection in September from real estate was NIS 900 million, down 5% from last year in terms of betterment tax but up 14% in terms of purchase tax.
Indirect taxes in September totaled NIS 12.5 billion, up from NIS 11 billion in September 2015.
The budget deficit for September was NIS 800 million with a deficit of NIS 6.1 billion for the first nine months of the year, compared with NIS 4.5 billion in the corresponding period of last year. The planned budget deficit for 2016 is NIS 35 billion, or 2.9% of GDP, while the budget deficit over the past 12 months has totaled only 2% of GDP.
Published by Globes [online], Israel business news - www.globes-online.com - on October 9, 2016
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