Fuel Prices to Drop as Government Approves Excise Tax Cut
Translated & summarized from Haaretz by baba
The story in 4 lines · by baba
- Fuel prices will drop next week due to a 50 agorot excise tax cut.
- The Finance Minister's request was approved by legal advisors.
- Concerns about election economics were overridden.
- The monthly economic cost is estimated at 300 million shekels.
The price of gasoline in Israel is set to decrease again at the beginning of next week, following approval of a request by Finance Minister Bezalel Smotrich to reduce the excise tax on gasoline by 50 agorot for one month. Despite concerns about an election economy and opposition from professional staff at the Ministry of Finance, the ministry's legal advisor, Dudi Kofel, determined that there was no legal basis to oppose the move. The Attorney General, Galit Baharav-Miara, also approved the request. This decision comes after the price of fuel had already jumped to 8.27 shekels overnight. The estimated cost to the economy from this tax reduction is 300 million shekels per month.
Read the original at Haaretz
