Tax Collections Spike in Israel

May 12, 2015 Taxation in Israel

JERUSALEM – Israel has seen a budget surplus, following a small rise in the collection of tax revenues.

According to new information issued by the Finance Ministry of Israel the tax revues collected over the first four month of this year rose by 6.1 percent compared to the levels seen over the same period during the previous year.

The total tax revenues collected over the four month was approximately ILS 91 billion.

The increase in tax revenues has been attributed to an 8.3 percent rise in the collection of direct taxes, and a 3.5 percent rise in the collection of indirect taxes.

In line with the rise in collections, the government saw a budget surplus of ILS 300 million of the first quarter.

It is expected that the better than forecast conditions will ease the pressure faced by the government in planning a new proposed budget, as the previously brought forward budget plan failed to win approval of the legislative branch of government.

Photo By: RonAlmog