SHIKUN & BINUI REAL ESTATE.
(photo credit: SHIKUN & BINUI REAL ESTATE)
Real-estate, gas tax revenues up in 1Q
By ADRIAN FILUT and YOSSI NISSAN
excise revenues rose 11 percent to NIS 3.9 billion in the first quarter of 2011,
from NIS 3.5b. in the corresponding quarter of 2010, the Finance Ministry
reported Sunday. Real-estate taxes rose 32% to NIS 1.9b. in the first quarter,
from NIS 1.5b. in the first quarter last year.
Total tax revenues rose to
NIS 55.8b. in the first quarter, up NIS 8b. from the preceding quarter and NIS
more than in the first quarter last year. Tax revenues exceeded the
target for the quarter by NIS 1.7b. and amounted to 26.2% of the budget target
for the year.
There was surplus of NIS 2b. in government spending in the
first quarter, compared with a deficit of NIS 3.6b.
in the first quarter
last year. The budget deficit amounted to an annualized NIS 24.6b., less than
deficit target of 2.9% of GDP, or NIS 25.2b.
Tax revenues rose 12.5% to
NIS 18.9b. in March, from NIS 16.8b. in March 2010. Direct taxes totaled NIS
8.5b., and indirect taxes totaled NIS 9.9b. The budget deficit on the
government’s domestic and foreign activities was NIS 900 million in March, and
the deficit on financing activities was NIS 500m., including net
credit.Gov’t plans Tel Aviv congestion charge
Finance Ministry and the Transportation Ministry are planning to levy a
congestion charge on drivers entering Tel Aviv, according to a tender published
on the website of Ayalon Highways Ltd., which operates Road 20, the Ayalon
Highway in Tel Aviv. The plan proposes a charge of between NIS 0.10 and NIS 1
per kilometer of travel inside the city, based on traffic congestion.
ministries are planning a pilot program with 1,200 drivers and Ayalon Highways
in a few months. The proposal is part of the government’s plan to reform vehicle
taxes to gradually reduce the purchase tax on new vehicles and raise
Under the congestion charge pilot, participating cars will have GPS
transponders installed, which will measure several factors, such as travel time,
location and distance, to determine the amount of the congestion
A motor vehicle that does not travel during rush hour and whose
congestion charge does not exceed NIS 100, will receive a NIS 250 credit. The
owner of participating vehicles will receive NIS 500 for participating in the
This fee will not be paid to a driver who disconnects the system.
The deadline to participate in the pilot program is this
Tuesday.Positive findings in Leviathan oil strata
Noble Energy Inc. has made positive findings in the second target strata at
Leviathan, belying media reports that no oil had yet been found, people familiar
with the matter told Globes Sunday. However, the signs are not yet unequivocal,
a source said. The 3-D seismic survey of the Leviathan structure indicates that
the second target strata (the first strata that may contain oil), at a depth of
5,800 meters, may have three billion barrels of oil with a 17 percent chance of
Previous reports that there were no signs of oil were
speculation based on ignorance, a person familiar with the Leviathan 1
exploratory well said. “The target strata at any well anywhere in the world are
a depth target, not an absolute target, so the reports claiming that the well
reached the strata at a certain depth is groundless,” the source said. He called
the reports “irresponsible.”
Although drilling was halted because of a
technical breakdown, it would resume and continue to greater depths to fully
realize the potential of oil in strata as deep as 8,000 meters, he said.