Israel's cabinet has approved the 14.5% cut in water rates proposed by Minister of Finance Moshe Kahlon and Interior Minister Aryeh Deri. The measure, which is the equivalent of removing 17% VAT on water prices, will cost the government NIS 250 million. The measure must now be approved by the Knesset.
Prime Minister Benjamin Netanyahu said at the start of the cabinet meeting. "This is another important step in a range of decisions that my government is approving, together with my ministers. We are working towards lowering the cost of living and this is expressed in our genuine desire to make life easier for citizens while at the same time ensuring continued economic growth. We are doing both."
A similar measure to lower public transport fares by 14.5% was passed by the Knesset last week and will come into effect on February 1.
Published by Globes [online], Israel business news - www.globes-online.com - on January 24, 2016
© Copyright of Globes Publisher Itonut (1983) Ltd. 2016
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