Following a substantial rise in tax revenues and repeated promises by Minister of Finance Moshe Kahlon, Prime Minister Benjamin Netanyahu and Kahlon today agreed that in view of Israel's economic achievements over the past year and their wish to continue encouraging economic activity for the benefit of Israelis, they would devise a joint plan for cutting taxes.
The announcement of the tax cut plan following last week's figures published by the Ministry of Finance showing that state tax revenues jumped 10% in February, compared with February 2016. State tax revenues totaled NIS 51.8 billion in January-February, 6.4% more than in the corresponding period last year.
Minister of Finance Moshe Kahlon promised at the beginning of the year that he would lower taxes again if tax revenue figures continue to exceed the forecasts. Ministry of Finance sources predicted that Kahlon will decide the matter according to the figures for the first quarter (as he did last year), and it therefore only remains to wait for the March figures. Kahlon plans to tackle income tax and VAT this time, after having cut VAT by 1% two years ago.
Published by Globes [online], Israel Business News - www.globes-online.com - on March 13, 2017
© Copyright of Globes Publisher Itonut (1983) Ltd. 2017
You comment was recieved and soon will be published.
Thank you for posting your comment, which will be reviewed for publication.
Load more comments