BREAKING NEWS

Gov't set to raise VAT by 1% or more

By GLOBES

JULY 24, 2012 20:57

Value added tax (VAT) is set to rise by 1 percent or even more following a decision by Prime Minister Binyamin Netanyahu and Finance Minister Yuval Steinitz to bring the proposal to the cabinet on Monday.

As already reported by "Globes," each 1% hike in VAT will enrich the government coffers by NIS 4 billion in revenues. The cabinet will also be asked to make an across-the-board cut for government ministries totaling NIS 700 million.

Government sources in Jerusalem today told "Globes" that the rise in VAT is only a first step decided upon by Netanyahu as part of a comprehensive plan to raise taxes.

The government deficit in 2013 is expected to reach NIS 58 billion compared with the target of NIS 30 billion and the government must formulate an overall plan of cuts, tax hikes and ministry budget cuts to reach this target.

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