Tax revenues fall, gasoline excise brings in more

The state collected 4.1 percent more revenues from the gasoline excise in February than it did in the corresponding month last year.

Gasoline prices gas tax 311 (photo credit: Marc Israel Sellem)
Gasoline prices gas tax 311
(photo credit: Marc Israel Sellem)
The state collected 4.1 percent more revenues from the gasoline excise in February than it did in the corresponding month last year, the Treasury said in its monthly report on tax collection on Wednesday.
The report was released one week after Prime Minister Binyamin Netanyahu reduced the excise by 10 agorot to NIS 2.86 following a public outcry over the soaring cost of gasoline. The maximum price of full-service 95 octane rose to a record NIS 7.95 on Thursday – after the excise was reduced.
Indirect tax revenues reached NIS 7.5 billion overall in February 2012, compared to NIS 7.2 billion during that month in the previous year. Import purchase tax revenues recorded the highest growth, rising 31% year-on-year.
But overall tax revenues decreased 4% year-on-year to NIS 16.4 billion, as direct tax revenues fell 9.6% to NIS 8.9 billion. Income tax revenues decreased 10% across all sectors, while capital market tax revenues fell 31%.
Government expenditure reached NIS 21.7 billion in February, 6.6% higher than the corresponding month last year.
Government spending stood at NIS 33.1 billion in the first two months of this year, 5.9% higher than the expenditure of NIS 31.3 billion made in the first two months of 2011.