damage biz 88 298.
(photo credit: Ariel Jerozolimski)
Businesses in the North expecting additional compensation payments for August damages claimed through the automatic track" will receive the remaining money during the week-long Succot holiday, Israel Tax Authority Director Jackie Matza told members of the Knesset Finance Committee who visited the authority Wednesday.
About 11,000 such businesses will find the money in their bank accounts today, and the remaining 24,000 entrepreneurs will receive their due during the holiday, Matza said. The total amount to be paid to the 35,000 businesses will come to NIS 650 million, he added.
In the automatic track, commercial, industrial and services-sector businesses receive compensation based on the difference between August 2006 and August 2005 revenues and the size of the business.
The authority is currently handling about 50,000 claims for compensation on indirect damages suffered in July, Matza said.
Separately, the Manufacturers Association of Israel said Wednesday that it had set up a joint fund to provide NIS 70 million in loans to "dozens" of Northern factories that suffered damages during the war. The fund will be run by the association together with Bank Otzar Hahayal and the First International Bank of Israel. Factories will be able to receive loans of up to NIS 2m. each, but not more than 50 percent of the business's average monthly turnover in 2005.
The association also said that while all other industrial sectors saw a drop in output in July, output in hi-tech industries grew 15.7% since one year before.
"These figures emphasize the fact that we live in a dual economy," said association president Shraga Brosh.
Medium hi-tech industries had 6.5% less output, lo-tech industries had 3.6% less and mixed lo-tech industries had 1.1% less, the association said.