Tax Authority collected 8% more taxes in Q3

By MATTHEW KRIEGER
November 1, 2007 07:47

Some NIS 27.4b. of the collected money was of direct taxes, while NIS 21.5b. was of indirect taxes.

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The Israel Tax Authority collected some NIS 48.9 billion in taxes over the third quarter of 2007, an increase of 8 percent from numbers reported during the same period a year earlier, the Authority reported on Wednesday. Some NIS 27.4b. of the collected money was of direct taxes, while NIS 21.5b. was of indirect taxes. Over the 12 month period of October 2006 through September 2007, the Tax Authority has collected NIS 180.7b. in direct and indirect taxes, a jump of 9% from the same period a year earlier. "The third quarter numbers and the numbers over the last 12 months point to real growth in the economy," the Authority said. "It raises the overall economic outlook for the country and until this quarter both the direct and indirect tax collections increased at a steady pace. The amount of direct taxes collected in the third quarter rose 16.5%, while indirect tax collections increased only 2.2%. According to the Tax Authority, the publishing of quarterly numbers is in order to provide greater transparency into its activities as well as to aid the government in helping it determine economic policy. "We are doing this in order for the government to help gain a greater understanding of the patterns of economic growth and we therefore include in these quarterly reports a breakdown of the various taxes, such as income, customs and purchase tax, that have been collected," the Authority said.


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