Report: Income tax to rise 1 percent in 2013

July 27, 2012 18:02

The government plans to raise income taxes next year by 1% for those earning more than NIS 5,000 a month, Israel Radio reported Friday.

The step is expected to be part of the package of tax increases and budget cuts the cabinet is set to approve on Monday.Furthermore, a tax on high-income individuals will apply to those earning NIS 800,000 annually, down from the current level of NIS 1 million.

In a two-hour meeting between Finance Minister Yuval Steinitz and Yisrael Beytenu leader Avigdor Liberman Friday, the latter offered support for the package of changes, according to a spokesman.

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