in 2022 Tax Authority collected NIS 3.28 billion - 2.6 times the total levies imposed until last year

Posted on Jan 24, 2023 by Ifi Reporter

The Tax Authority has published the total levies collected from companies that use the natural resources of the State of Israel. According to the report, in 2022 alone, the Tax Authority collected NIS 3.28 billion - 2.6 times the total levies imposed until last year.
A total of 4.54 billion shekels have been collected from those companies to date, but only 2.03 billion shekels have been determined to be final - that is, after appeals by the companies, and the money can be used for the benefit of the public as part of the wealth fund. Only in 2022 will definitive levies be collected in the amount of NIS 1.59 billion (3.6 times the period before).
Every quarter, the Tax Authority transfers the money from the levies collected to the Accountant General of the Ministry of Finance, who manages for an interim period the levies that are not resolved until they are resolved, and transfers them to the wealth fund (which was established for those funds) once a quarter along with investment profits, or after deducting losses from them.
The levies for excess profits from oil and natural resources are collected in accordance with the law on taxation of profits from natural resources. According to this law, the funds received from the levies will be managed in accordance with the provisions of the Wealth Fund Law. The purpose of the fund is to manage the state's revenues from the levy on profits from natural resources with a long-term economic vision in order to generate profit, and with the aim of enabling the continued existence of the fund for future generations. Because of this, senior officials in the government and the Bank of Israel criticized the fact that in the coalition agreements of the incoming government a clause was inserted stating that the government will examine a change to the wealth fund law so that the funds can also be used for infrastructure and housing projects.
In addition to the levies on oil profits and excess profits from natural resources designated for the fund for the citizens of Israel, the companies that have oil rights and have the right to exploit natural resources also pay income tax and royalties that go into the state budget on an ongoing basis.


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