BREAKING NEWS

Steinitz extends partial tax exemption on diesel

By GLOBES

JANUARY 5, 2012 18:21

Finance Minister Yuval Steinitz signed an order Thursday that will extend tax partial exemptions for diesel fuel being used for energy purposes.

Following numerous attacks on the Egypt-Israel natural gas pipeline, alternative fuel sources such as diesel have become necessary for continued electricity supply. In order to minimize any potential increase in electricity prices, Steinitz said that he would give a partial tax exemption in 2012 on diesel being used for electricity purposes.

Steinitz added that "this is a positive step we are taking to ensure the preservation of prices for the Israeli public. We will continue with this policy as long as we have to."

The Treasury said that the move would cost approximately NIS 4.2 billion per annum.

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