BREAKING NEWS

Sheshinksi to head second c'tee on natural resources

JUNE 17, 2013 17:09

Eitan Sheshinksi, the professor who headed the state's committee on taxing oil and gas, will head a second such committee examining how to tax other natural resources such as water and potash, Finance Minister Yair Lapid announced Monday.

The question on what royalties the state should receive from private companies mining its natural resources aims to both incentivize investment by private companies, typically considered more efficient than public utilities, while also ensuring that all of Israel's citizens benefit from the resources' extraction by adding to the government's coffers.

The committee was formed given the "lack of uniformity in policy regarding payments to the state for the use of a variety of national natural resources other than gas and oil," and will present its results by June, 2014. In its evaluations, the committee will consider the current systems already in place, create a set of basic principles based on the different resources at hand, and their application in extenuating circumstances.

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