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IMF Recommends VAT Reform In Israel

by Lorys Charalambous, Tax-News.com, Cyprus

15 February 2017


Israel could improve revenue collections by scaling back tax breaks and in particular better targeting value-added tax concessions, says a new report from the International Monetary Fund.

"Revenues can be significantly enhanced by scaling back tax benefits (which total five percent of GDP), replacing blanket VAT exemptions with targeted transfers, and through planned steps to enhance revenue administration," the Fund said.

The report added that if the country's fiscal deficit is below target in 2017, tax authorities should "lock in" gains by maintaining the tax burden.

It also suggested allowing municipalities to charge taxes on undeveloped, privately held land and substantially increasing the meagre Earned Income Tax Credit (EITC).

TAGS: tax | value added tax (VAT) | VAT legislation | Israel | legislation | Tax

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