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Knesset Approves Bill for Compulsory Loan to Absorb New Immigrants

October 12, 1961
See Original Daily Bulletin From This Date

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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