Capital gains tax revenues on Tel Aviv Stock Exchange (TASE) transactions totaled in April to NIS 203 million, 12.8% less than in April 2011, after the government raised the capital gains tax to 25% from 20% earlier this year Capital gains tax revenues totaled NIS 1 billion in January-April.
Land tax revenues totaled NIS 374 million in April, 37% less than in April 2011. Betterment tax revenues fell 35% and purchase tax revenues fell 38%. Land tax revenues fell in all districts, except for Haifa. The drop in land tax revenues in January-April was above the national average in the Tel Aviv and Coastal Plain districts, which account for a third of land tax revenues.
Fuel excise revenues totaled NIS 1.1 billion in April, up 2.1% over April 2011, and totaled NIS 5.1 billion in January-April, up 0.9% over the corresponding months. Fuel excise revenues increased, despite the cut in the gasoline excise earlier this year to ease the rise in prices.
Indirect tax revenues totaled NIS 34.4 billion in January-April, down 3% over the corresponding months of 2011. Tax receipts in all sectors fell, except for manufacturing, where they rose by 9.7%, and accounted for 18% of total revenues. Tax revenues from the telecommunications sector fell 28%, to account for 5.5% of total revenues, and tax revenues from the construction industry fell 24.3% to account for 6.4% of total revenues.
The government deficit was NIS 2.6 billion in April: NIS 2.4 billion for domestic activity and NIS 200 million for overseas activity. The government deficit was NIS 3.6 billion in January-April, compared with NIS 300 million in the corresponding months of 2011.
The Ministry of Finance said that spending by ministries rose 9.1% to NIS 70.5 billion in January-April from NIS 64.6 billion in the corresponding months. Most of the increase was due to higher spending by the Ministry of Defense, Ministry of Education, and Ministry of Transport. The 2012 budget calls for a 4.9% increase in government spending compared with 2011.
Published by Globes [online], Israel business news - www.globes-online.com - on May 6, 2012
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