Unrestricted freedom to transfer profits abroad will be guaranteed foreign investors in Israeli business and industry under a new economic program being prepared by the government, it was announced here today.
The program will be submitted to Parliament soon in the hope it will achieve passage before the end of the current fiscal year. It is aimed at attracting capital investment to Israel. When passed, the measure will be retroactive to last April. Hitherto, foreign investors were limited to ten percent a year in the export of their profits in the form of foreign currency.
The new plan would exempt from customs, excise and purchase imposts all materials needed by enterprises given official authorization. The investor’s property will be exempted from inheritance taxes. The investor will also receive income tax concessions for the first five years after the investment is made. Approved enterprises will receive concessions in relation to the foreign currency loans they require and in loans of Israeli pounds.
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