Israel to Cut Fuel Tax, Lowering Gas Prices Next Week
Translated & summarized from Ice by baba
The story in 5 lines · by baba
- Israel's gasoline price to drop by about 50 agorot per liter next week.
- The reduction follows a recent surge to a record high of 8.27 shekels.
- The Finance Minister is expected to sign the tax reduction decree.
- This is the second consecutive excise tax cut on gasoline.
- The tax reduction is estimated to cost the state 500 million shekels.
Just three days after reaching an all-time high, the price of gasoline in Israel is expected to decrease significantly starting next week. The Ministry of Finance announced Thursday it has published a decree to reduce the excise tax on gasoline for one month. The decree is open for public comments until Sunday. Following the review of these comments, Finance Minister Bezalel Smotrich is expected to sign the decree, which would take effect at midnight between Sunday and Monday. This reduction is anticipated to lower the price of gasoline by approximately 50 agorot per liter, bringing it to 7.77 shekels, down from the current 8.27 shekels. The excise tax per liter will be reduced to 2.73 shekels. This comes after the price of gasoline surged 6.7% in the past day to a record high of 8.27 shekels per liter. This marks the second consecutive reduction in excise tax, following a similar cut ordered by Smotrich in early September. The Ministry of Finance estimates these tax reductions will result in a cumulative revenue loss of about 500 million shekels. The current tax reduction is set to expire at the end of October. The Ministry published the decree after the Attorney General's office approved the Ministry's legal counsel's opinion, which permitted the move despite it being an election period and the second consecutive reduction. The implementation of the price decrease is contingent on the completion of the public comment period and the Finance Minister's signature.
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