HKMB Hong Kong Means Business

Hong Kong Means Business Hong Kong Means Business
  • Login / Register

Languages

  • EN
  • 繁
  • 简
  • Events
  • My Feed
  • Contact HKTDC
  • Subscribe
  • Subscribe

Section Menu

  • multimedia
  • market spotlight
  • first person
  • Venture Hong Kong
  • heads-up
  • inside china
  • life & style
  • hktdc research

Languages

  • EN
  • 繁
  • 简
  • HKTDC.com |
  • About HKTDC |
  • My HKTDC |
  • Login / Register |

HKTDC.com About HKTDC My HKTDC

Login Register

Hong Kong Means Business

Section Menu

  • multimedia
  • market spotlight
  • first person
  • Venture Hong Kong
  • heads-up
  • inside china
  • life & style
  • hktdc research

https://hkmb.hktdc.com/en/NDY1ODE3MjEx

hktdc research
SAVE FOR LATER
SHARE / SEND

"Scan QR Code" in WeChat and tap "..." to share.

ISRAEL: Consumer Product Tax Cuts Extended Indefinitely

23 June 2020



Relief on customs duties and purchase taxes in Israel on a wide range of consumer products will now remain in force for the foreseeable future.

Consumer products covered by tariff reductions include mobile phones with a 15% cut; electronic entertainment items, such as loud speakers and television screens, have cuts ranging from 15% to 30%; shoes have 12%; garments have 6%; home appliances’ cuts range from 6% to 12%; and lighting, ranges from 8% to 12%. Cosmetics, toys, eyeglasses and baby products, also benefit with a 12% tariff cut.

The move, revealed in a 7 June 2020 press statement from Israel’s prime minister Benjamin Netanyahu and finance minister Israel Katz, is intended to ease the financial burden on citizens and restart the economy. The cuts were originally introduced in 2017 by Moshe Kahlon, the previous finance minister under the government’s ‘Net Family Plan’, and were due to expire on 16 June 2020.

According to government estimates, the cuts are expected to amount to ILS1.45 billion (US$420 million) and have already been included in the budget. A government spokesman said: "As stated in the presentation to the government in the revision of the three-year budget plan, the working assumption of the Ministry of Finance, on the basis of which the tax revenues forecast was built, was that tax reductions approved in April and December 2017 would be extended."

The tax cuts are intended to help boost consumer spending which has experienced a significant drop following the spread of Covid-19 throughout the country. Data released in May by the Israel Central Bureau of Statistics (CBS) revealed that private consumption has been severely hit by the pandemic, with clothing, household goods, cars, furniture, jewellery and small electrical products seeing major declines. The Israeli economy shrank by 7.1% in the first quarter of this year due to the impact of the coronavirus, its sharpest fall in 20 years and more severe than after the 9/11 attacks and the 2008 global financial crisis.

BACK TO TOP ^
    Topics:
  • Middle East,
  • Israel,
  • customs relief,
  • tax cut,
  • COVID-19
  • Middle East
  • Israel
  • Middle East
  • Israel
  • Middle East
  • Israel
  • Middle East
  • Israel
  • Middle East
  • Israel
  • Middle East
  • Israel
  • Middle East
  • Israel
  • Middle East
  • Israel
  • Middle East
  • Israel
Home

Article Topics

ARTICLE TOPICS

MIDDLE EAST36080
ISRAEL36086
CUSTOMS RELIEF141948
TAX CUT123551
COVID-19141387

ARTICLE TOPICS

MIDDLE EAST36080
ISRAEL36086
CUSTOMS RELIEF141948
TAX CUT123551
COVID-19141387

interest_article

YOU MAY BE INTERESTED IN

14 June 2022

2022 Mid-Year Export Review: Strong Rebound Anticipated Before Year-End

14 January 2022

Binding Acceptance Period of Nine Months for EU Digital COVID-19 Vaccination Certificates

27 October 2021

Post-Covid Prospects: Turkey

18 October 2021

Post-pandemic Supply Chains: Unlocking Shipping Bottlenecks

Related Events

RELATED EVENTS

11 - 12 August 2022

International Conference of the Modernization of Chinese Medicine & Health Products 2022

5 - 8 September 2022

Hong Kong Pavilion at FHA–Food & Beverage, Singapore

9 - 11 November 2022

HKTDC Hong Kong International Medical and Healthcare Fair 2022

9 - 12 January 2023

Hong Kong International Stationery Fair 2023
FIND AN EVENT

Social Share

FOLLOW US

GET WEEKLY UPDATES

newpaper-img

GET OUR WEEKLY EMAIL UPDATES

banner-img


I acknowledge that the above information may be used by the Hong Kong Trade Development Council (HKTDC) for incorporation in all or any of its database for direct marketing or business matching purpose (and may therefore become available to the public within and/or outside of Hong Kong for use by them), and for any other purposes as stated in the Privacy Policy Statement; I confirm that I have the consent and the authority of each individual named in this form to release their personal data for the purposes stated herein.


*For non-EU/EEA customers, please skip this box which is solely for EU/EEA customers as required by the relevant data protection law in the EU.

THANK YOU

Thank you for registering.

SHARE THIS STORY

EMAIL
LINKEDIN
WeChat
FACEBOOK
TWITTER
WHATSAPP

ID: HKTDCofficial

Don't have an account?

Create An Account

successfully added on your preferences.