Measures to provide additional incentives to foreign investors in Israel enterprises are being formulated by the Inter-Ministerial Economic Committee for Knesset approval, David Stern, director of the Israel Investment Center, told the press today.
Among the projected concessions were a further easing in the ten percent limit to conversion of local profits into original currency invested either for transfer or for local accumulation; non-application of the inheritance tax to such profits; and permission to float stocks on the local stock exchange.
He reported also that 163 projects had been given by the Investment Center the status of approved enterprises during 1957. They had a total value of $33,000,000 and 47,000,000 pounds, of which one-fourth was in domestic funds comprised of government loans.
Since the establishment of the Investment Center under a 1950 law to encourage foreign investments, nearly 1,500 projects totalling $263,000,000 and 245,000,000 pounds have received approved enterprise status. Such approval carries certain customs, registry and other tax benefits and qualifies the project for government loans.
A more active interest had been shown by overseas investors since the Sinai campaign, Mr. Stern said. He attributed the greater interest to the elimination of fear concerning Israel’s security situation.
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