web analytics
November 25, 2015 / 13 Kislev, 5776
At a Glance
News & Views
Sponsored Post

VAT Tax Up

JewishPress Logo

Israeli VAT tax went up 1% to 18% on Saturday night. It’s now at its highest level in a decade. The government expects the tax hike will raise an additional NIS 4.4 billion a year in revenue, assuming the economy stays strong.

The price of gasoline also rose to NIS 7.52 for 95 octane. This is due to the rising price of imported gas.

The government found itself in a large deficit for two primary reasons.

It bet again on the viability of implementing a two year fiscal plan, but that didn’t work out as well as it did the first time around, when costs were higher, and revenue was lower than expected.

The second reason is that the government gave money away in the form of free dental care for children, free nursery school, and other perks, in response to the summer social protests, and now it has to pay for the debt those perks incurred.

About the Author: JewishPress.com brings you the latest in Jewish news from around the world. Stay up to date by following up on Facebook and Twitter. Do you have something noteworthy to report? Submit your news story to us here.

If you don't see your comment after publishing it, refresh the page.

Our comments section is intended for meaningful responses and debates in a civilized manner. We ask that you respect the fact that we are a religious Jewish website and avoid inappropriate language at all cost.

If you promote any foreign religions, gods or messiahs, lies about Israel, anti-Semitism, or advocate violence (except against terrorists), your permission to comment may be revoked.

No Responses to “VAT Tax Up”

Comments are closed.

Current Top Story
U.S. President Barack Obama and French President Francois Hollande at the White House. Nov. 24, 2105
Obama and Hollande Commit to Destroying ‘Radical Terrorism’ of ISIS

Printed from: http://www.jewishpress.com/news/breaking-news/vat-tax-up/2013/06/02/

Scan this QR code to visit this page online: