Israel’s Parliament approved last night an Absorption Loan bill requiring Israeli taxpayers to make a loan to the Government during the next six months equal to about 12 percent of their income tax payments. The loan will provide an estimated 25,000,000 pounds ($14,000,000) to be used to absorb the increased number of immigrants.
Persons whose annual income tax is less than 162 pounds (about $90) will be exempt from the loan. Such persons constitute about half of Israel’s wage earners. The loan will carry four percent interest and repayment over a ten-year period will start in 1968.
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