TEL AVIV (Mar. 27)
Israel’s luxury tax is expected to yield about $10,000,000 in the coming fiscal year, it was announced today by the Customs and Excise Office. During the current year, about $3,000,000 was raised in luxury taxes.
Utility goods are not subject to the tax, which is chiefly for revenue purposes. However, the luxury tax serves at the same time to absorb to a degree the increased purchasing power of the population.
Imports to Israel during the month of January were slightly below the average monthly figure during the last quarter of 1949, it was reported today. Imports in January of this year were valued at 8,127,255 pounds as compared with the average figure in the latter part of 1949 of 9,100,000 pounds.