The Tax Authority has not yet presented its final position on how much royalties paid to the state should be raised.
On Sunday, the Israel Tax Authority presented figures to the Sheshinski II Committee on royalties paid to the state on natural resources. It stated that the chemicals industry (mainly Israel Chemicals Ltd. (TASE: ICL)) currently paid the state just 18% of its profits in royalties and reduced taxes under the Law for the Encouragement of Capital Investment.
The data show that the quarrying industry pays 37% of its profits to the state.
Although the Tax Authority presented data, it has not yet presented its final position on the threshold to which royalties paid to the state should be raised.
The Sheshinksi II Committee will not discuss Israel's oil and gas resources, which were settled by the first Sheshinski Committee. The Sheshinksi II Committee will submit its recommendations in June 2014.
Published by Globes [online], Israel business news - www.globes-online.com - on October 21, 2013
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