Prime Minister Benjamin Netanyahu opened today's cabinet meeting by commenting on tax reform in the US, in which the corporate tax rate will be cut from 35% to 20%.
Netanyahu said, "The US decided yesterday to cut taxes. There, too, they are fighting against bureaucracy. We're in a global world. We must not lag behind in the benefits we give our business sector, both in taxes and in limited regulation and bureaucracy."
Netanyahu also referred to the reform in registration of businesses. "The focus is on relief for small and medium-sized businesses, which are the pillar of our economy. This measure will lessen the regulatory and bureaucratic burden on these businesses. It will make it easier to start new businesses."
Netanyahu added that he would continue combating bureaucracy. "We are holding a meeting of ministers, which I am heading, once every few months, and we are taking the axe, the machete, and hacking paths through the jungle. We are having success. In two years, Israel has become lower on the international competition index - the positive direction, from 27th place to 16th place. I am telling you this, and we are saying it constantly, but there is no silver bullet - no one measure that really gives you an enormous push."
Published by Globes [online], Israel Business News - www.globes-online.com - on December 3, 2017
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