Benjamin Netanyahu, Israeli Prime Minister-designate, has vowed to cut income taxes for low- and middle-income earners and reduce the corporate income tax on small businesses this year, contrary to recent reports suggesting reforms would be delayed.
Media reports speculating that Netanyahu intended to delay income tax cuts until January 1, 2010, have been categorically denied in a statement from Netanyahu on March 5. The Prime Minister underlined that the tax reforms would still go ahead as soon as he has formed his government, despite official statistics citing an estimated revenue shortfall of NIS40bn (USD 9.4bn) for 2009.
Coupled with corporate income tax cuts for small companies, Netanyahu has vowed to work with factories and enterprises on a case-by-case basis to establish where finance is needed in order to prevent increased unemployment.
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