Prof. Stanley Fischer backs oil, gas tax proposals

November 11, 2010 17:05

In response to yesterday's publication of the Sheshinski committee's interim recommendations, the committee proposal to increase the state's share of revenue from current and future oil and gas discoveries to two-thirds from the current one-third, while taking into account profits by the oil and gas companies, Governor of the Bank of Israel Prof. Stanley Fischer said:

"I welcome the recommendations on oil and gas discoveries, which are national treasures of Israel." He noted the principle underpinning the committee's work - that oil and gas field developers deserve a fair return on capital that takes into account the risk they took, their entrepreneurship and determination, which resulted in discoveries in Israel.

"This principle supports honorable entrepreneurs who have contributed and contribute greatly to the Israeli economy, and we should encourage them to continue on this path. I believe that the hearings and final decision will be fair to the entrepreneurs and good for the Israeli economy," he said.

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