Finance Ministry Official Says No To Capital Gains Tax

by Robert Lee, Tax-News.com, London

14 December 2001

Israel's Ministry of Finance director general, Ohad Marani, has refuted claims that the government intends to impose a 10 per cent capital gains tax on the stock exchange. According to a report from the Israel Business Arena newspaper, the important thing, Marani told reporters was 'not imposing taxes and increasing the tax burden, but cutting government spending in order to avoid an economic and financial crisis.'

But he did imply that there may be some small changes to the tax code in the near future. 'We intend to achieve a balanced system and deal with certain loopholes. There may be some reductions, there may be some increases. The overall tax burden on the public, however, will not be increased. We won't finance budget needs by increasing the tax burden. That's not our plan. Raising taxes isn't under consideration,' said Marani.

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