The Nakash Group, which owns several hotels in Israel and also owns the Arkia airline, on Thursday sent a letter to Tourism Minister Haim Katz, amid the threat to cancel the VAT exemption for tourists, Galei Tzahal (IDF Radio) reported.
"As a group that has invested many billions in the development of tourism in Israel, especially in the establishment of hotels all over the country, including in the periphery, we are very disturbed by the move that in our estimation could seriously harm tourism entering Israel. These concerns have led us to reconsider the continued investment in the industry in Israel and to have a real concern regarding the existing investments," the group wrote in the letter.