News Briefs

  6/4/2012, Sivan 14, 5772

Report: Budget Cuts, Tax Hikes in the Offing

The 2013 budget presented by Treasurer Yuval Steinitz to Prime Minister Binyamin Netanyahu on Sunday includes an increase in income and value-added sales taxes, new taxes and budget cuts, according to a Monday-morning report by the Yisrael Hayom daily.

Tax increases being explored include those on gasoline, alcohol and cigarettes. A two-percent levy would be imposed on those making more than a million shekels a year. Most of the 10 billion shekels to be cut from the budget would come from the defense and transporation ministries.