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Israel Cancels Duties, Purchase Taxes On Various Goods

by Lorys Charalambous, Tax-News.com, Cyprus

25 June 2020


The Israeli Government has announced the cancellation of ILS1.45bn (USD419m) worth of duties and purchase taxes on a broad range of products.

Duties and purchase taxes will be permanently cancelled on the following products: mobile telephones, footwear, clothing and textiles, electronic goods for entertainment, home electronic goods, light fixtures and light bulbs, toys and games, cosmetics, baby products, and frame and lenses for eyeglasses. The duties currently applied to such products range from six percent to 30 percent.

The decision to scrap the duties and purchase taxes on these products was taken following an evaluation of the impact of a temporary cancellation on consumer prices and of trends in other countries. Periodic evaluations will be carried out on the prices of these products, to ensure that price reductions are being passed on to consumers.

TAGS: tax | tax incentives | Israel | tax rates | tax reform

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