A Cabinet committee today decided to recommend the reduction of income tax payments for all classes of the population. The maximum income tax was set by the committee as 50 percent of the income, while those who pay taxes on a “pay as you earn” basis, will be free from taxation for the first 620 pounds earned during the year.
At the same time the Cabinet decided to empower the Ministry of Communications to continue its negotiations for the acquisition of shares of the Tel Aviv port now held by public bodies and private shareholders. When the port was opened in 1936, the Tel Aviv municipality and the Jewish Agency sold shares to the public. Now the government is planning to buy out all these shares in order to make the Tel Aviv port government property.
The Cabinet also decided today to sever the Development Department from the Israel Treasury and to appoint Dr. Dove Joseph as Development Minister in charge of all development projects which have hitherto been carried out by the Treasury, such as oil prospecting, the search for phosphates and other minerals, and similar development activities.
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