Tax measures include reductions in energy prices, credit tax for parents of children up to age 3 and 2 percent “wealth tax” increase.
By JERUSALEM POST STAFFPM Netanyahu with Prof. Manuel Trajtenberg 311 (R)(photo credit: Marc Israel Sellem)
The Prime Minister’s Office announced Saturday that the government will pass tax recommendations from the Trajtenberg Report in a special meeting in Safed on Sunday.The tax measures include the cancellation of NIS 2.5 billion in energy taxes, which will reduce the price of gasoline, diesel and coal; a NIS 5,000 annual tax credit for parents of children up to the age of three; and a 2 percent “wealth tax” increase on incomes over NIS 1 million.RELATED:Summer protests' shadow looms over Knesset winterLower turnout as 'social justice' hits streets againFurthermore, import duties on products not produced in Israel will be canceled, making them more affordable to consumers, while the corporate tax rate will rise to 25%. Taxes on capital gains will rise by 5% as well.
Once approved, the changes will have to pass the Knesset before going into effect on January 1. The income and corporate tax changes will be reevaluated in 2014.
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