VAT rise to 18% takes effect

June 2, 2013 00:31

Value-added tax rose 1 percentage point to 18 percent at midnight on Saturday. At 18%, the tax has returned to its highest ever, matching its level in 1992-1993 and during the period from June 15, 2002, to March 1, 2004. The tax affects every product sold in Israel (except in the Eilat area) with the exemption of fruit and vegetables.

And first thing on Sunday, the cost of gasoline rises 3.58%.One liter of 95 octane gasoline will cost NIS 7.52, 69 agorot more than last month. The cost of gasoline is updated on the first day of every month. Part of the rise is due to the increase in VAT.

On Saturday night, several hundred social justice activists demonstrated in Jerusalem, Haifa and Tel Aviv against the price hikes.

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