www.bethelfinance.com
Minister of Finance Yuval Steinitz has signed a directive for advance tax payments on profits from oil and gas sales, as recommended by the Sheshinski committee. The directive is part of the Taxes on Oil Profits Law (5771-2011), which came into effect on April 10.
The directive stipulates that an oil or gas license holders will pay an advance on the taxes for the year. Since the directive comes into effect immediately, the license holders will pay the taxes for 2011 by the end of this year, rather than by mid-2012.
Mr. Cedric Marmet from Bethel Finance Ltd said: "The advance will be not less than 8% of the current receipts for 2011 and 13% of the current receipts for 2012. The payments will contribute handsomely to the state's coffers."
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