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Bethel Finance news:
Minister of Finance Yuval Steinitz today signed a directive cancelling the gasoline excise hike scheduled for the beginning of 2012. The cancellation is one of the Trajtenberg committee recommendations for lowering Israel's high cost of living.
The Knesset passed the Trajtenberg report's taxes chapter earlier this week. Measures include a mix of tax breaks and tax hikes, including raising the rate of capital gains tax from 20% to 25%.
"This is one of the key measures for lowering the cost of living in Israel, in accordance with the Trajtenberg committee recommendations," said Steinitz in a press statement. "Additional measures, such as lowering purchase taxes, and lowering prices for food and consumer goods, will be enacted soon."
The excise on gasoline was due to rise 14% to NIS 3,361.92 per 1,000 liters on January 1, 2012, as part of the biennial budget. Belying Steinitz's boast about lowering the cost of living, the gasoline excise has risen by 23% since he took up office in 2009.
The excise on 95 octane gasoline is currently NIS 2.951 per liter, accounting for 56% of the total consumer price.
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