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
TheStreet Open House

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.

Select the service that is right for you!

COMPARE ALL SERVICES
Action Alerts PLUS
Try it NOW

Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
  • Weekly roundups
TheStreet Quant Ratings
Try it NOW
Only $49.95/yr

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
  • Upgrade/downgrade alerts
Stocks Under $10
Try it NOW

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

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
  • Weekly roundups
Dividend Stock Advisor
Try it NOW

Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Alerts when market news affect the portfolio
  • Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
Real Money Pro
Try it NOW

All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.

Product Features:
  • Real Money + Doug Kass Plus 15 more Wall Street Pros
  • Intraday commentary & news
  • Ultra-actionable trading ideas
Options Profits
Try it NOW

Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • 100+ monthly options trading ideas
  • Actionable options commentary & news
  • Real-time trading community
  • Options TV
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!
DOW 17,265.99 +109.14 0.64%
S&P 500 2,011.36 +9.79 0.49%
NASDAQ 4,593.4250 +31.2360 0.68%

Brokerage Partners

Rates from Bankrate.com

  • Mortgage
  • Credit Cards
  • Auto

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs