07:58
Reported

News Brief

  5/7/2013, Iyar 27, 5773

Treasury Unveils Tax-Hike Proposals


The Finance Ministry publicized its economic plan for 2013-2014 Tuesday morning. The plan was sent to government ministers and is on the cabinet agenda for Monday.

Treasurer Yair Lapid's principal steps for wiping out the larger-than-expected defecit discovered before the Knesset elections include a one-percent increase in the value-added tax to 18 percent; a 1.5-percent increase in all brackets of income tax, starting in 2014; raising the corporation tax to 26 percent and raising taxes on cigarettes and alcohol.