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Israeli minister announces tax cuts on consumer goods
14
Dec '17
Israeli minister announces tax cuts on consumer goods
The Israeli Government will slash taxes by $227 million, finance minister Moshe Kahlon recently announced. Under Kahlon's ‘Neto Hozalot’ (net reductions) plan, the finance ministry will use the government's budget surplus to reduce import taxes on a wide variety of consumer goods, including electric appliances, cosmetics, clothing and shoes.

Israeli businesses have been putting heavy pressure on the finance ministry to place restrictions on foreign internet-based stores and revoke the $75 value added tax exemption on import of goods without paying import tax, Israeli media report quoted the minister as saying.

The initiative will make Israeli stores more competitive with internet-based retailers like Amazon.com and AliExpress, Kahlon said.

Other future plans by him include a middle class income tax break, cutting the marginal income tax rate for those earning over $3,130 per month and offering companies and small businesses tax breaks. (DS)

Fibre2Fashion News Desk – India


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