Fuel Prices to Drop as Tax Cut Approved by Legal Advisors
Translated & summarized from TheMarker by baba
The story in 4 lines · by baba
- Fuel prices to drop as excise tax cut is approved.
- The tax reduction is for one month.
- The move is expected to cost 300 million shekels monthly.
- Legal advisors approved the cut despite election economy concerns.
The price of gasoline in Israel is set to decrease again at the beginning of next week, following approval from the legal advisors of the Ministry of Finance and the government. Despite concerns about an election economy and professional opposition within the Treasury, the Ministry of Finance's legal advisor, Dudi Kofel, determined that there was no legal basis to oppose the move proposed by Finance Minister Bezalel Smotrich. The Attorney General, Gali Baharav-Miara, also approved the request.
As a result, the excise tax on gasoline will be reduced by 50 agorot for one month. This decision comes after the fuel price had jumped to 8.27 shekels overnight. The estimated cost to the economy from this tax reduction is 300 million shekels per month.
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