The final draft of the new Israel budget, released today, indicated that Israel’s citizens will pay 25 percent more taxes next year than they did during the current fiscal year. The budget will be debated this month in Knesset.
The draft of the 1,335,000,000-pound budget showed that 767,000,000 pounds had been allocated to the regular budget with the remainder scheduled for development and special budgets.
Under the new budget, government income from taxes was due to increase 114,000,000 pounds to a total of 574,000,000 pounds. Fiscal experts said that while more efficient tax collection was expected to increase income tax revenues, indicated increases in customs and purchase tax revenues meant probable price increases during the next fiscal year.
Initial confidence that the far-reaching monetary changes by West European countries would have no immediate adverse affect on Israel’s foreign trade is now beginning to be shaken, economic experts here admitted today. These authorities said that Israel exports to West Africa might be considerably hurt. Israel’s best West African customers are Ghana and Nigeria, both of which are members of the sterling bloc where convertibility to dollars has been introduced.
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