Fuel excise revenues rose 11% to NIS 3.9 billion in the first quarter of 2011 from NIS 3.5 billion in the corresponding quarter of 2010, the Accountant General at the Ministry of Finance reported today. Real estate taxes rose 32% to NIS 1.9 billion in the first quarter from NIS 1.5 billion in the corresponding quarter.
Total tax revenues rose to NIS 55.8 billion in the first quarter - NIS 8 billion more than in the preceding quarter and NIS 7.2 billion from in the corresponding quarter. Tax revenues exceeded the target for the quarter by NIS 1.7 billion, and amounted to 26.2% of the budget target for the year.
There was surplus of NIS 2 billion in government spending in the first quarter, compared with a deficit of NIS 3.6 billion in the corresponding quarter. The budget deficit amounted to an annualized NIS 24.6 billion, less than deficit target of 2.9% of GDP, or NIS 25.2 billion.
Tax revenues rose 12.5% to NIS 18.9 billion in March from NIS 16.8 billion in March 2010. Direct taxes totaled NIS 8.5 billion and indirect taxes totaled NIS 9.9 billion. The budget deficit on government's domestic and foreign activities was NIS 900 million in March, and the deficit on financing activities was NIS 500 million, including net credit.
Published by Globes [online], Israel business news - www.globes-online.com - on April 10, 2011
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