A Bank of Israel study has found that the gap between the OECD average tax on labour and the Israeli rate has increased significantly since 1998.
Reporting on the results of the study, conducted by Dr Adi Brender on behalf of the bank, Israeli business news service, TheMarker.com revealed that the comparative study examined tax rates, including health insurance payments and local taxes.
The report found that since 1998, 20 of the 26 OECD member states reduced taxes on labour. Israel, however, has raised them, especially this year.
The Bank of Israel study admitted that wealthy citizens in some other member nations - such as Denmark and Belgium - do pay higher taxes on their earnings than in Israel.
However, it also warned that the high cost of labour could drive foreign investors away, whilst the relatively elevated tax levels could encourage skilled Israelis to depart for more financially rewarding shores.
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