The Israel Cabinet met in extraordinary session today to hear a final report from Finance Minister Levi Eshkol on a proposed government tax on property.
Mr. Eskhol estimated that the levy would bring in between 40,000,000 and 60,000,000 pounds, depending on the manner in which it is collected. The funds so collected will be used for financing projects provided for in the national development budget.
Speaking to newsmen later, Mr. Eshkol declared that the current budget would be balanced by the end of the fiscal year. His comment was made in denial of reports that the fiscal year, now in its last quarter, would end with a deficit of some 50,000,000 pounds. He also expressed the belief that the development budget would be balanced. Next year’s budget would also be balanced, regardless of the expense to government services, the Minister declared.
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