The Prime Minister's Office announced Saturday that the government will pass tax recommendations from the Trajtenberg report in a special meeting in Sefad on Sunday.
The tax measures include the cancellation of NIS 2.5 billion of energy taxes, which will reduce the price of gasoline, diesel, and coal, a NIS 5000 annual tax credit for parents of children up to the age of three and a 2% "wealth tax" increase on income over NIS 1 million.
Furthermore, import duties on products not produced in Israel will be canceled, making them more affordable to consumers, while the corporate tax rate will rise to 25%.
Taxes on capital gains, such as stocks and dividends, will rise by 5% as well.
Once approved, the changes will have to pass the Knesset before going into effect on January 1, 2012.
The income and corporate tax changes will be reevaluated in 2014.