Value added tax increase delayed by one month

By NADAV SHEMER
July 31, 2012 14:37

 
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Finance Minister Yuval Steinitz decided Tuesday to delay the 1% Value Added Tax increase by one month, following consultation with Knesset Finance Committee Chairman Moshe Gafni.

VAT was supposed to rise to 17% on Wednesday August 1, but the hike will now be implemented September 1 in order to allow businesses time to prepare, the Treasury said.

The cabinet approved the VAT increase Monday as part of a series of sweeping austerity measures that it hopes will raise NIS 14.15 billion next year and reduce the budget deficit by 1.5%.

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