This Day On The Street
Continue to site
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

Finance Ministry: September tax revenue dropped 5% year-to-year

Government revenues from taxes totaled NIS 13.2 billion shekels in September, a fall in real terms of 4.7% from the same month a year earlier, the Finance Ministry said on Sunday.

Against August 2002, tax revenue rose by 19%. But from the annual perspective, the situation is worrisome. The state's tax income for the first nine months of the year fell a real 5.8% to NIS 111.6 billion, reflecting a continuing slowdown in economic activity, the ministry said.

Revenues would have been down seven percent in real terms in the first nine months of the year if the government had not raised taxes on diesel and cigarettes in April and value added tax by 1% to 18.0% in June, the ministry said.

"The September collection figures are better than the previous months," the treasury said, adding that no conclusions could be reached regarding the trend. Tax collection is highly variable by nature, partly due to the timing of tax refunds, or the juxtaposition of Jewish holidays.

Israeli state revenues are expected to fall sharply this year because of the recession, with the economy battered by the global slowdown and the impact of the two-year intifada, which has slashed tourism income and construction activity.

Revenue from income and property taxes in September sank 14.7% in real terms to NIS 6.7 billion. For the first nine months of the year, income and property taxes fell a real 12.0% to NIS 61.2 billion.

Value added taxes and customs duties in September rose a real 8.5% to 6.3 billion shekels, while in January-September VAT and custom taxes rose 3.1% to 47.5 billion shekels.

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!
AAPL $130.28 0.00%
FB $81.53 0.00%
GOOG $565.06 0.00%
TSLA $218.42 0.00%
YHOO $44.52 0.00%


DOW 18,080.14 +21.45 0.12%
S&P 500 2,117.69 +4.76 0.23%
NASDAQ 5,092.0850 +36.0220 0.71%

Partners Compare Online Brokers

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs