According to the Israeli Finance Ministry, tax revenues in January totalled NIS 12.6 billion, a drop of 7% from the same period last year. Figures released on Tuesday for the October to December period also show a 3% real drop from 2001 totals.
The Israeli Government has set a 3.0% of GDP budget deficit target for this year. Speaking after the release of last month's figures, Director General of the Finance Ministry, Ohad Marani, said that his department would continue to monitor developments in state income levels in order to meet this target. However, many analysts have predicted that the budget deficit will swell to 5% as the year progresses.
The collection figures released by the Government also showed that revenue from income and property taxes fell 10.2% in real terms on the year, and that VAT and customs duty collection showed a drop on the year of 5%, falling to NIS 5.7 billion.
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