State tax revenues rose 11% in real terms to NIS 22 billion in June, according to figures released by the Ministry of Finance today. Taxes relating to real estate and indirect taxes were the main contributors to the rise in tax collection.
In the first two months of this year, tax collection was NIS 1.6 billion above the collection forecast, which is NIS 277.9 billion for 2016 as a whole. In March-June, tax collection was NIS 2.4 billion higher than the updated target. The figures indicate continued growth in tax collection at an annual rate of 6%.
Revenue from direct taxes totaled NIS 11.5 billion in June, representing a rise of 13% after discounting legislative changes.
Tax collection from the capital market plummeted 44% in June in comparison with June 2015, and totaled NIS 318 million. Tax collection on securities transactions fell 70.8%, while taxes on interest fell 7.5%.
Net revenues from real estate taxation rose 22% compared with June 2015 to NIS 1.1 billion. Net revenues from betterment tax rose 36% and net revenues from purchase tax rose 14%.
Revenues from indirect taxation rose 9% in June this year to NIS 9.7 billion. The rise is mainly accounted for by taxes on imported vehicles. About 79,000 vehicles were imported into Israel in April-June, almost 40% more than in the corresponding period in 2015.
Published by Globes [online], Israel business news - www.globes-online.com - on July 7, 2016
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