BREAKING NEWS

Government approves bill protecting bus fares from changes in VAT

JANUARY 10, 2016 22:19

Advancing legislation aimed at keeping public transportation travel affordable, the government approved on Sunday a bill that would keep bus fare changes entirely disconnected from fluctuations in value-added tax (VAT).

In addition to shielding future tariffs from rises in VAT, the bill involves a one-time, 17-percent reduction in the amount of VAT charged with fares today – equivalent to a 14.5% drop in ticket prices for consumers, the Finance Ministry said. The drop in tariffs amounts to about NIS 650 million annually, a sum that the government intends to subsidize.

The bill, proposed jointly by Finance Minister Moshe Kahlon and Negev and Galilee Development Minister Arye Deri, will save families thousands of shekels each year, according to the latter.

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