Finance Ministry discloses tax breaks of large corporations

July 16, 2013 14:28

Teva Pharmaceutical Industries Ltd. received NIS 11.77 in tax breaks in 2006-11 under the Law for the Encouragement of Capital Investment (the Ministry of Finance and Israel Tax Authority have not yet provided data for 2012). Teva's tax break ballooned from NIS 1.29 billion in 2006 to NIS 2.89 billion in 2012, as "Globes" earlier revealed.

The Ministry of Finance and Tax Authority had claimed at the time, "The figures are not necessarily as reported."The Ministry of Finance Tuesday disclosed the tax breaks granted to companies under the Law for the Encouragement of Capital Investment, after "Globes'" successful campaign to reduce the astonishing - some would say infuriating - breaks obtained by large companies. The ministry did not disclose the names of private companies which receive tax breaks under the law, pending a hearing by the Supreme Court on the ministry's appeal against the disclosure.

In response to the disclosure of the tax breaks, Minister of Finance Yair Lapid said that he would review the corporate tax breaks.

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