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News Brief

  7/29/2012, Av 10, 5772

Industry, Commerce and Labor Minister Against Cuts


Shalom Simchon, the Minister of Industry, Commerce and Labor, announced his opposition, Sunday evening, to the economic measures scheduled to be brought to the cabinet on Monday, explaining that they might bring Israel into the economic situation it is trying to avoid. Simchon said the proposed reduction of a tax break in the Investment Encouragement Law threatens to reduce local activity by Israeli and foreign firms, while an increase in Bituach Le'umi (National Insurance Institute) contributions threatens jobs.

Simchon and other ministers from the Atzma'ut party will meet, Monday, before the cabinet meeting to discuss the cuts and tax hikes. They have already expressed opposition to cuts from Simhon's training budget, saying they can be cancelled as were cuts to the education budget.